Rohit: Why would he want to delete the .shared file? It won't be re-generated automatically, all content in the .shared file is generated by users. Removing the file will meaning losing all its content.
The shared file will get recreated again if you deleted the shared file and open thedocument in accesspoint but ,As stevan said, all the object created by the ser which was present in OLD shared file won't be visible because it can only created by the report user. and you cannot retrive it by the report.
So, whenever you find the above issue instead of deleting the shared file defragment it . The issue will get resolved. And always remember to take the beackup of files . In case if something bad happen you can roleback to original.