Hello Dhanasekaran, Ramesh
Welcome to Microsoft Q&A Platform, thanks for posting your query here.
In this context, an "image version" refers to a specific iteration or snapshot of a managed image. Each image version is essentially a copy of the managed image at a certain point in time.
Yes, you can generally delete the original managed image from which you created an Azure image version in a shared compute gallery, and the existing image version in the gallery should remain unaffected and usable.
When you create an image version in a shared compute gallery, it becomes a separate snapshot or copy of the original managed image at that point in time. Any changes or modifications you make to the original managed image after creating the image version will not impact the image version stored in the gallery. The image version is independent of the original managed image once it's created.
Hope this helps.