A new two dimensional carbon allotrope TPDH-graphene (Tetra-Penta-Deca-Hexagonal-graphene) belonging to the tetragonal-pentagonal carbon ring family is proposed in this work using density-functional method. The allotrope satisfies all the conditions of structural stability. This allotrope has lower cohesive energy than many existing planar carbon allotropes. It can withstand temperature as high as 1000 K without loosing its structural integrity. However, its electronic structure reflects metallic character due to delocalised pz orbital near the Fermi level. Further, this mechanically stable elastically anisotropic structure shows directional variation of In-plane Young's modulus and Poisson's ratio. It is stronger than graphene in a particular direction. Moreover, The material can be identified by four characteristic peaks in the electron energy loss spectra within 10 eV energy. It has optical reflectance peaks in the visible range at ∼600 nm yellow colour. Interestingly, some nanoribbons of this material show semimetallic, semiconducting and metallic behaviour. Non-equilibrium Green's function method along with density-functional theory is employed to study the nanodevices made of these nanoribbons. Strong current regulation property and robust negative differential resistance effect with a peak-to-valley ratio 3.3 are observed in two nanodevices making TPDH-graphene an attractive material for use in nanoelectronics. © 2020 Elsevier B.V.