I was also facing same problem, but I resolved it I am using android studio 2.3
open command prompt and set the path to platform tools i.e.
"C:\Users\\AppData\Local\Android\sdk\platform-tools"
then write adb.exe as shown
C:\Users\sandeep\AppData\Local\Android\sdk\platform-tools>adb.exe
then restart your studio It will working fine.