The issue was rectified by setting the cookieless="UseCookies" attribute on the authentication section of the web.config
<authentication mode="Forms">
<forms name=".ASPXFORMSAUTH" path="/" loginUrl="~/Account/Login" timeout="15" cookieless="UseCookies" xdt:Transform="Replace"/>
</authentication>
The specific issue is due to IIS 7.0 not recognizing IE11 and sending a cookie less response to the browser resulting in the Url mentioned in the question,
Microsoft should rectify this in IIS 7.0 in an update.
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