Why is system not booting with the latest kernel and failing with missing libraries dracut warnings

Issue

• System is not booting and throwing below errors:

  dmsetup: error while loading shared libraries: libdevmapper.so.1.02: cannot open shared object file: no such file or directory
  reboot: error while loading shared libraries: libsystemd-shared-239.so: cannot open shared object file: no such file or directory
  dracut warning: reboot failed!
  
  dracut Warning:
  
  Generating "/run/initramfs/rdsosreport.txt'
  You might want to save "/run/initramfs/rdsosreport.txt" to a USB stick or /boot
  after mounting them and attach it to a bug report. 
  
  To get more debug information in the report,
  reboot with "rd.bug" added to the kernel command line. 
  
  dracut:/#