Expecting a revision in pay is unlikely.
To quote you, " recently selected one MNC based company as a Engineer Executive, he offered 12% hike in CTC, but take home hike increased 28%(7000 Thousands) compared to current company. So I accepted. After that I enquired for salary package for engineer executive, the package range is 4.5L to 7.5L," in this case you should have before taking the offer asked them to explain the offer in details the level and the amount as between 4.5L to 7.5L, the gap is huge. It may be based on the several factors. If you fitted the role exactly then you'd have been in the highest band ( 7.5L), provided the fitment in near perfect, else it is all a variable. If it is at the 4.5L the consideration could be you have all the ingredients to become a potentially good fit.
Under the circumstances getting your current employer to withdraw your application in itself may be a big task, asking for a hike beyond the offer is not going to happen and looking for another job to counter these two will be a high risk, it might work out well or be worse then both the one you left and the one you were with.
Final suggestion is forget your trials for now, ask the present employer to reconsider taking you back, try and increase your technology bandwidth and make your way out, may be after a year or so, but before show commitment, work hard and prove you are a valuable player. Research well before you prospect another change.
Better, you can join the company and try to give you your level best and be the top performer and then you can ask for some hike after at-least 3 or 6 months, hopefully you will get the mid term appraisal considering your performance and your current package.
However, in between the or before joining the company if you get some other offe then you can ask for some hike by telling that you got some other offer with better package but you want to join their company as you accepted their offer first in a requesting manner. Hopefully, they will consider your point but it have involved some risk of voiding your offer by the company. So, better if you go for the 1st option, forget about all that happen and focus on your work, there will more opportunities for you.
I am supposed to join in a s/w company with 30% hike and accepted offer letter also.
Due to miss communication, I couldn't notice and consider my performance appraisal of 15% in the current company where serving the notice period. Also with out adding that performance appraisal (15%) to my current CTC, I forwarded my old CTC to the new company HR team where I am going to join. my question is are there any possibilities for HR to increase CTC in the new company (where I am going to join) by considering my performance appraisal(15%) ? HR experts and professionals please let me know asap as there is less time for me.
As this is a genuine reason, I believe and hope HR team will consider my request.
"If I were the HR head of the company, I will withdraw the offer letter issued to you, since you seem to be making decisions on hearsay, which is dangerous. " I don't agree with the point. Decision making is choice of everyone. Being a candidate i would like to have decent organization for my growth both career and salary wise. If i have any 2 mind for the company its completely my decision to change it till last moment of my joining. Do any company specify its demerits to any employee before joining. Ya, such decision disturbs the policy of the company as they completely rely on the candidate who is going to join. But we have to think from candidate perspective too. I would suggest candidate to re-verify the fact with few more people and just don't rely on 1 or 2 people decision.