@Junan Chakma Thank you for your query.
Ideally resizing of disk can be done only for greater sizes and you won't be losing data in the process but It is always recommended from Microsoft side to take backup of the disk when you are doing disk resizing.
Moreover in your case since this is in production you should make sure you do have backup in place.
You can protect your data by taking backups at regular intervals. Azure Backup creates recovery points that are stored in geo-redundant recovery vaults. When you restore from a recovery point, you can restore the whole VM or specific files. Yu can read more about it here.
Resizing an OS or Data Disk of an Azure Virtual Machine requires the virtual machine to be deallocated.
After expanding the disks, you need to expand the volume within the OS to take advantage of the larger disk.
Coming to the time taken for resize it may depend upon various factors but don't take much time mostly in few min. in most of the cases.
You can refer to this for more information of resizing disk and this might be helpful as well.
Since it is a production environment I will always suggest to make any changes during off business hours so just in case something goes wrong your production is not impacted.
Hope it helps :) !!!
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