Sharma, who had fired a one-under-69 in round one, made a 12-foot birdie conversion on the seventh hole in round two just before play was called off. It was his first birdie of the day and took his total to two-under.
Shubhankar was placed tied 32nd on the leaderboard and well-placed to make the cut when the round came to a grinding halt due to the weather.
The clubhouse lead was held by American Gary Woodland at 10-under-130.
Anirban Lahiri (70-73), the other Indian in the field, had a contrasting day, as he mixed three birdies with six bogeys for a three-over-73 that moved his 36-hole total to three-over-143. Being placed tied 100th on the leaderboard he is likely to miss the cut when round two is completed on Saturday.
The projected cut currently stands at even-par-140.