If formulas located in other cells reference cells in a deleted row or column, excel does not adjust these cell references but instead displays the error message.

The answer is- #REF!

Explanation:

The #REF error is the message excel displays when a formula references a cell that no longer exists, usually caused by deleting or pasting over the cells that the formula is referring to. After the cell containing the formula has been deleted it becomes invalid. This also happens in some cases where sheets, rows, or columns have been removed, or because a formula with relative references has been copied to a new location where references are invalid. Rather than excel adjusting the cell references, it instead displays the #REF! error message. The "REF" stands for reference.

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