Parent Portal in DNN

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dotnet-nuke

I am getting error while creating Parent portal in DNN.

Below are the steps i took

Step1. Host-->Portal-->Add new Potal
Step2. Portal Alais-->localhost/ParentPortal

A portal is created but if i try browsing it i get below error

HTTP Error 404.0 - Not Found
The resource you are looking for has been removed, had its name changed, or is temporarily unavailable.

Pls Advise