Bala, besides Carl's helpful suggestions, please note that the technote for that update you applied (linked to on the updates page before you ran it, and available here: https://helpx.adobe.com/coldfusion/kb/coldfusion-2016-update-16.html) has a first box that warns how if you had not previously applied update 14, then you would have trouble running your apps and should follow the post-install steps from that update 14 (https://helpx.adobe.com/coldfusion/kb/coldfusion-2016-update-14.html).
Read that earlier technote to know what happened and why it affects you, and then the steps to take (including that wsconfig upgrade Carl mentions, and how to do it, which may not be enough, as the technote explains).
And note that this applies to CF2018 as well (for any applying update 8, or any above 8 but who had not yet applied it).
And for still more on all this, see a post I did at the time: https://coldfusion.adobe.com/2020/03/three-reasons-sites-may-break-fix-applying-mar-2020-update-cf2018-2016/ . This is a problem that will plague us all (in CF2016 and 2018) and especially anyone installing those, until Adobe someday creates a new installer which incorporates all the CF and wsconfig updates.