Hi @Anchal gupta ,
Yes, you could do that...here alswo some references from tthe Microsoft Social Technet and the new MS Docs on this topic:
Backup and Shrinking of Database
https://social.technet.microsoft.com/Forums/en-US/ae881496-1d96-4e92-a563-05d8d2f05bbb/backup-and-shrinking-of-database?forum=operationsmanagergeneral
and this refernce to a blog post:
How to shrink OperationsManagerDW database file size
https://learn.microsoft.com/en-us/archive/blogs/csstwplatform/how-to-shrink-operationsmanagerdw-database-file-size
Please make sure to follow the procedure from the blof in order to do this properly.
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Regards
Stoyan Chalakov