Thanks for quick response. This works when i have only one bunch to summarize. However i have many such varied strings.

My goal was: 

  => if strings only vary in a "number" like p0/p1 m0/m1 b0/b1 c1_0/c1_1 e.t.c they should be summarized. 
  => if they vary in any other character, then its a new string and it should be left alone (or) summarized with similar ones

like for example, if i add one more string:
a/b/c/p0/m0/d1/r_a_c1_0/q

The o/p should be:
a/b/c/p0/m0/b*/r_a_c1_*/q
a/b/c/p0/m0/d1/r_a_c1_0/q