Hi Murugesan,
There are some options you can set regarding Event logs in the Settings application under System: General event log settings
I am not sure exactly what behavior you are looking for but you can set the Event log size to limit the amount of entries kept at any time. When the value you set is exceeded by 10%, the system will begin removing older entries from the log. If you are looking to keep a record of events logged, you can set them to write to a file to then save and serve as an archive of events.
I hope this helps!