As of this moment, when explosives are shot, nothing happens.
For example, today I found a C4, I shot it with the GM6 Lynx multiple times and it remained intact

I believe that anti material sniper rifles or high calibers(.50 cal, perhaps the .408 round too) should be able to neutralize or prematurely detonate explosives.
In the case of more primitive explosives who are made of unstable materials, they should explode when shot
In the case of more stable and advanced explosives such as C4, they should be disabled when shot and not explode.