[quote="niraj_kumar, post:5, topic:91207"]
Also will the shrinking results in any data loss as these are actual audit data of customers.
[/quote]

No it will not.
Does https://www.elastic.co/blog/managing-time-based-indices-efficiently help?

---
NEW: Monitor These Apps!
elasticsearch, apache solr, apache hbase, hadoop, redis, casssandra, amazon cloudwatch, mysql, memcached, apache kafka, apache zookeeper, apache storm, ubuntu, centOS, red hat, debian, puppet labs, java, senseiDB