The above process will do an immediate effect to your Windows. In order to remove Share with Skype option, double click on DllPath string and delete or clear the value Skype\SkypeContext.dll and click OK to save settings.
This is the key which is responsible to show “Share with Skype” option in the right-click context menu of any file. Expand Microsoft.SkypeApp_15.68.96.0_x86_kzf8qxf38zg5c or the key shown at your end and follow below path: \Class\, in the right pane, look for string value DllPath which contains the data value Skype\SkypeContext.dll
Note: This key may be different in your machine depending on the version of Skype you have installed, but the initials ( Microsoft.SkypeApp) will be the same.