Exeter's veteran striker Marcus Stewart scored a late leveller to keep City above Shrewsbury in the promotion race.
The Grecians should have taken a first-half lead but Matt Gill crashed a penalty onto the bar after Shane Cansdell-Sherriff handled the ball.
Grant Holt made City pay, slamming home from the spot after Troy Archibald-Henville brought down Moses Ashikodi.
But Stewart headed in from close range after Matt Taylor had nodded Alex Russell's corner back across goal.
Shrewsbury: Daniels, Darren Moss, Langmead, Coughlan, Cansdell-Sherriff, Worrall, Dunfield, Murray (Humphrey 87), Davies (Leslie 72), Ashikodi (Chadwick 62), Holt. Subs Not Used: Herd, Walker.
Booked: Holt, Murray.
Goals: Holt 51 pen.
Exeter: Jones, Archibald-Henville, Taylor, Edwards, Saunders (Panther 72), Stewart, Gill, Russell, Moxey, McAllister (Stansfield 74), Basham. Subs Not Used: Marriott, Seaborne, Harley.
Booked: Gill.
Goals: Stewart 83.
Att: 4,679
Ref: Iain Williamson (Berkshire).
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