In no load trail run of a motor , Vertical and axial vibrations of both DE and NDE are of order 3.00 mm/s pk and 2.5 mm/s pk while the horizontal vibrations are of order 14.00 /15.00 mm/s pk.
What could be the reason and solution

You have to give a lot more information.
1 - is the motor connected to anything i.e. pump, gear drive, etc.
2 - is it a newly installed motor?
3 - Is a new or repaired motor
4 - What are details about the base
5 - Have you checked for softfoot
6 - how was it aligned if aconnected to a driven unit
7 - is the base cracked - this can be determined by laser alignment and the softfoot readings.
8 - If connected to a driven unit, what are the readings on that unit

e-mail me at gylm@live.com with answers and for other ideas

Hi
Can you send me the vibration signature? You have given only overall reading , if possible please send the vibration signature that will be hellpful for analysis. My email id is tarundcm@yahoo.co.in