Hello @avinashmailbox,
As you may know, if a certain shared parameter comes into your project after inserting a family and that parameter is placed under a wrong parameter Group and you insert a family with the same parameter but it is located under another group in that family, the parameter will be placed under the group that previously was defined in the project by the first family that had this shared parameter.
So what if you want to change that?
Or when you need to rename the shared parameter for some reason.
Well, you need to remove that shared parameter from your project.
So first you have to remove all the families from that project that have that parameter.
Then remove the shared parameter from the project parameter list if it was if added there.
Now you think you're done?
Unfortunately not. 
The shared parameter is still in the background of your project but you can't get to it with Revit OODB.
What you need is a small tool from Jeremy Tammik called Revit Lookup.
Just see RevitLookup for Revit 2017 is here! or RevitLookup for Revit 2016 is here! and get the Add-in.
Below you see a screencast where I show you how I used it to remove a shared parameter from my project.
You can use the same method to remove a shared parameter from a family. 
Important note: If you have families in your project that have not been removed and the shared parameter is removed from the project, also the parameter is removed from the family. You will see that when you open the family.
If a shared parameter is used in formula's or connected to dimensions, this action can break your families.
So be very sure what you are doing when you use this method.
If my post answers your question, please click the "Accept as Solution" button. This helps everyone find answers more quickly!
Kind regards,
Robert Klempau
Senior Consultant AEC
Cadac Group AEC BV