Hi Abhijeet,
Thanks for posting in the community, I’m glad to offer help.
Since the same file can be opened by other users, it is possible that Excel has some problem opening files through browser.
You can try to log in the corresponding account in Excel and then open the file within Excel.
Or you can sync the SharePoint file document library to your local File Explorer and then open the file in File Explorer. (It requires you to install OneDrive desktop application)
These two ways are the same as opening through Excel online, the files will keep in sync.
Hope the above suggestions can be helpful, please feel free to let us know the results.
Best Regards,
Arck