OFC President David Chung described the loss as a tragedy that would be felt throughout Oceania.
Shalit made his international debut for Fiji at the tournament in Apia against New Caledonia on January 17. Two days later he scored a goal in Fiji's 5-0 win over Cook Islands.
"Everyone at the OFC is in total shock at what has happened,. No words can fully express our grief and dismay at seeing this happen, we can only pass on all our thoughts and prayers to the friends and family of Shalit Muni Reddy and hope they will get some strength from the out pouring of love and support from everyone," Chung said in a statement today.
"Shalit had been playing for Fiji with distinction, he was a prospect that undoubtedly would have had a bright future in the game."
New Zealand beat Tahiti in a penalty shootout to win the final and earn a berth at the under-17 World Cup in Chile.