Lenovo Laptop G500s battery stopped charging?

I purchased a new Lenovo G500s laptop in Jan 14. Yesterday, the battery went from 99% to 0% within a few minutes. When I put it to charging, the 0 doesn't go up while it does show charging. Should I get the battery repaired or have a new one?
If I get a new one, what will be its cost n should i get the battery of another company? Also, it has been only 1yr and a few days of purchase, so is the battery under warranty?

Batteries failing through use are not covered by warranties.

The commonest reason they fail in laptops is when the machine is used for long periods on external power *after* the battery has reached full charge.

The rate a lithium type battery degrades is dependant on both how near 100% charge it is and the temperature. (There's no such thing as "overcharging" with laptop batteries, it's just that the cells are under maximum stress when at full charge).

If you take the machine off external power as soon as the battery is full and let it run down to 30% or so before connecting power again, the battery can often be usable for years.

If it's run on external power almost all the time, so the battery is both full and in a hot machine, they sometimes only last a few weeks.

Just get another battery and try to avoid the things that degrade it's life - if you need it fully charged to use during the day, charge overnight with the machine turned off so it's cool.

When using your laptop, avoid ever putting it on a soft surface like a chair/bed/settee/couch etc. While it's turned on, as that both blocks air vents and stops heat escaping from the bottom of the case.
Use a hard surface or tray to support it's feet and allow air underneath if you use it over a bed or couch etc.

As long as you are careful, the new battery should be OK for several years.

Edit - a new one appears to be around UK £30 or US $50 - example:
http://www.ebay.co.uk/...1608270938