Hi @iamnjain
I think the reordering won't be possible since the Content Fragment is based on Model which has the fix ordering.
I am not sure what it will bring if you do reordering. You are going to expose the CF as json and json properties can be read in any order.
Inside multifield, it is possible to do reordering.
Please let us know the use case to better understand the problem/solution.
Arun Patidar