I am now working on a project where I have to integrate a wireless module which supports baud rate of
230400 to Rasp Pi. I came to know that baud rate can be tweaked in Raspberry Pi. Is there any chance to send serial data from Raspberry pi at
230400 baud rate.
This page has a pretty good benchmark table as to the acceptable baud speed of the Raspberry Pi.
The short answer is it depends. The more detailed is that it really depends on your library and how you plan on interfacing. In the link, the author managed to max out a python connection around 44kHz while the C library maxed out at 22MHz.
I've read a couple projects where people have managed projects with a baud of 250,000. So you should definitely be within the range of possibilities. Just remember when dealing with such high speeds you really need to make sure your connection hardware is up to snuff.