@NaveenK - Have you checked how many entries are in the `msdb.dbo.sysmail_mailitems` table? I suspect you have a lot of entries in there which could be slowing down the process of reading/processing them.
You can use the stored procedure `sysmail_delete_mailitems_sp` to clean up old email items that are filling this table.
You run it like this:
EXEC sysmail_delete_mailitems_sp
@sent_before = '2011-01-01' , -- enter a date that suits you.
@sent_status = 'sent' -- possible values = sent, unsent, retrying, failed
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