Here are the few things that I found regarding this topic.
During compilation, the compiler tries to find classes that are used in the code from the .* import and the corresponding byte code will be generated by selecting the used classes from .* import. So the byte code of using .* import or .class names import will be same and the runtime performance will also be the same because of the same byte code.
In each compilation, the compiler has to scan all the classes of .* package to match the classes that are actually used in the code. So, code with .* import takes more time during the compilation process as compared to using .class name imports.
Using .* import helps to make code more cleaner
Using .* import can create ambiguity when we use two classes of the same name from two different packages. Eg, Date is available in both packages.
import java.util.*;
import java.sql.*;
public class DateDemo {
private Date utilDate;
private Date sqlDate;
}