It turned out to be a small nail (1mm dia) thats why the leakage was very slow. The tire barely has run 5K km, since I don't know for how long the car was riding on this leaking tire (this car sits at home more than 50% of the week), I decided to take a chance and got it repaired with a plug.
It was a mistake to trust the flat tire monitor to report any pressure loss. The same system works great in my non-RFT VW car. I plan to get an after-market TPMS fitted (Orange or Hella TPMS).
What was BMW thinking by giving this lame system on cars equipped with RFTs - it is simply useless and gives a false sense of security.
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