Hemanpr,
If circular logging is not selected for the storage group and the backup is ending with status 0 create following log directory on the client
<install dir>\netbackup\logs\bpbkar
Run the backup again and open the log that is created and look for truncated, you should have line saying "Exchange Transaction Logs truncated" if the backup is successful.
It is not netbackup that will delete the log, netbackup will only send a message to exchange that the logs can be deleted and exchange will do the job. Check the application log in the event viewer for any messages regarding deleting the logs.
It is only the full and incremental backups that will truncate, if you are running cumulative backup it will not truncate the logs.
If you cannot resolve it, it might help to gracefully dismount the stores in the storage group and reboot the server and run a full backup afterwards and see what happens.
I hope this helps.
/Oddy