Hi Salil,
I will suggest you start with monitoring and setting up Azure Monitor and Insights for the performance issue you have within API use this page to understand and setup - monitor-app-service
Also setup the health check if you have not done that already as this will give the latency and other alerts critical for the performance monitoring - monitor-instances-health-check
Including setting up collecting diagnostics data for indepth analysis, also one last step is did you restarted the app in case it fixes the issues? troubleshoot-performance-degradation
Hope this helps.
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