Wolves had made it a club record nine successive wins with a 4-1 victory at Swindon but they were unable to find a way past a dogged Shrewsbury side who had chances to pull off a shock win in the opening stages of the second half.
Miles Storey was denied by a smart 47th minute save by Carl Ikeme and then Conor Goldson, who moments earlier had cleared a header off the line from Scott Golbourne, nodded just wide.
Shrewsbury, who have now won just once in 12 games, had shown right at the start of the match that they were far from overawed against their high-flying opponents when Ryan Woods and Asa Hall both forced Ikeme into saves.
Wolves, who are now a point clear of second-placed Brentford, carried the more consistent threat although they had to wait until the stroke of half time to get their first shot on target when the lively James Henry was denied by goalkeeper Joe Anyon.
Their frustrations were summed in stoppage time when Matt Doherty's goalbound header was tipped away to safety by Anyon.