Thanks Steve,
But as per our corporate policy we need to mark something at the location of deletion of text. Any today I could crack it. I'm using Borders and shading feature of Word for highlighting deleted texts. I've made a small macro for that.

Sub Macro1()
'
' Macro1 Macro
' Macro recorded 4/23/2010 by sahjos
'
If Len(Selection.Range) = 0 Then
MsgBox "Select text first!", vbCritical, "No Text Selected"
Exit Sub
End If
With Selection.Font
With .Borders(1)
.LineStyle = wdLineStyleSingleWavy
.LineWidth = wdLineWidth075pt


.Color = wdColorPink
End With
End With
End Sub