Hi Srinath,
Let us categorize the problem and then discuss:
You have a file of 8.5MB with 7 worksheets, of which
a) 1 worksheet contains links to other workbooks ( 1408 x 25 cells, to be specific ) [1408 rows x 25% of 100 columns]
b) Other 6 worksheets have Pivot Tables, Charts, and Excel formulas (like countif)
Your problem is
1. When you open it in "Shared" mode
a) and choose "Update Links", or
b) choose "Don't Update Links"
It takes 5 minutes or more to open
But
2. When you open it in "Non-shared" mode, irrespective of choosing "Update" or "Don't Update", it opens within a couple of seconds.
Now, the time taking factor may become crucial in the following cases:
1. Number of links in the file, in this case 1408 x 25 cells or 35200 cells
2. Location of "Sources of Links", i.e., if they are accessed through network, then time taken depends on the speed of network
3. If the sources contain formula and/or more links, then they are re-calculated on opening this file
4. If the sources are open by other users, update will take time until those files are saved/autosaved
Again, note that whether shared or not, re-calculation is not done only for "Pivot table", which needs manual update on change of source data. But, all formula and links are recalculated depending on the above constraints. Farther, if your file contains array formula, time taken shall be more. And remember, even if you choose "Don't Update", Excel goes through the whole procedure of "Update" case-by-case, only making a "no-no-no..." combination instead of "yes-yes-yes..." ( I guess I am able to convey the message in my poor English! ).
But, why the same recalculation takes lesser time if opened in "Non-shared" mode? Frankly, I am also wondering on that. Let us do some checking, please choose the "Manual Recalculate" option (described below) and try to open the file as you did with 2 cases along with 2 sub-cases ( Shared-Update to NonShared-Don'tUpdate ) and see if it improves the performance of time.
How to set "Manual Recalculate"?
1. Tools > Options > Calculation
2. Manual (check the radio button)
3. You can also change the parameters under "Workbook options" available there and see the effect on timings one by one.
Last but not the least, please check the available free disk space and Disk Fragmentation status as well as size of cache memory.
Please inform if this worked.