The BaBar Collaboration has recently reported the measurement of the ratio of the branching fractions of $\bar{B} \to D(D^{*}) \tau^{-} \bar{\nu_\tau}$ to $\bar{B} \to D(D^{*}) \ell^{-} \bar{\nu_\ell}$ which deviates from the Standard Model prediction by 2$\sigma$(2.7$\sigma$). This deviation goes up to 3.4$\sigma$ level when the two measurements in the $D$ and $D^*$ modes are taken together and could indicate new physics. Using an effective Lagrangian for the new physics we study the implication of these results and calculate other observables that can shed light on the nature of the new physics. We show that the measurements of the forward-backward asymmetries and the $\tau$ and $D^*$ polarization fractions can distinguish among the various couplings of the new physics operators. Show Partial Abstract