Is it possible for atorvastatin has an adverse effect on erection of penis?

Possible. Not likely: Although this is possible, Atorvastatin actually increases blood flow through a Nitric Oxide associated mechanism. This essentially restores vascular health. Erectile dysfunction is more likely related to vascular disease which is a primary reason people are on Atorvastatin in the first place. To be sure, ask your doc if you can stop it for a few weeks and see what happens.

Atorvastatin: Atorvastatin is unlikely to adversely affect erections.