I second TS's thoughts. Besides, it is an accepted practice to change "Designation" due to changes in management's thoughts to realign the business plan and future growth. What's important for you to note is:
1. Have your "KPI" and "KRA" changed due to these changes? If yes, will it affect your performance?
2. What's your current hierarchy in the org chart of the company after the changes?
3. Will your current and future monetary benefits be affected?
4. Have others in your grade also been affected, or is it only you who has been targeted? If yes, have counseling done with HR and your reporting boss?
This is just what came to my mind now. Hoping to get more info on the question asked by TS.
Regards,
Ukmitra