We tried to update with different VirtualHost configuration for eg, Alias, Granting all permission to directory, Rewrite rules too but none of them worked. So we are bit confused & blocked on it.
We tried with below rewrite rules the default once as per angular documentation.
RewriteEngine On
RewriteBase /projectFolder/
# If an existing asset or directory is requested go to it as it is
RewriteCond %{DOCUMENT_ROOT}%{REQUEST_URI} -f [OR]
RewriteCond %{DOCUMENT_ROOT}%{REQUEST_URI} -d
RewriteRule ^ - [L]
# If the requested resource doesn't exist, use index.html
RewriteRule ^ /index.html