I would run Process Monitor and trace the activity against the folder. If IIS is monitoring activity, then you should see w3wp.exe doing I/O against the folder.
https://learn.microsoft.com/en-us/sysinternals/downloads/procmon
I don't know what "1.34 Lac" is, but when you have many files in a single folder the OS is going to need time to read the directory entries. I would suggest using perfmon and analyzing disk and cache statistics to look for problems.