After spending two hours approx I've done this by using a helper.
Helper Path:-
Magento\Catalog\Helper\Product\ProductList.php(I'll be overriding later so you can also).
Added Following code:-
// Extends class \Magento\Framework\App\Helper\AbstractHelper
class ProductList extends \Magento\Framework\App\Helper\AbstractHelper
public function __construct(
\Magento\Framework\Filter\FilterManager $filter
) {
$this->filter = $filter;
}
// My custom method
public function truncateString($value, $length = 80)
{
return $this->filter->truncate($value, ['length' => $length]) ;
}
// In the template file, just called custom method:-
$this->helper('Magento\Catalog\Helper\Product\ProductList')->truncateString($short_description,120);
Note:- I tried to do it using block but due to the time restriction i'm not able will try later. if anyone do the same via block then please share here.