Dear Ranjeetha,
If the Sr.HR Manager has represented and Management has not heeded to his views also, there might be some error in understanding by them.
Let him take up the matter again after collecting the details for profitability/productivity after salary hikes are provided.
You are asking about the outcome of the Management's stubborn attitude, which can be a continued unrest by employees and gradual separation of the employees from such organizations.
For your concern of continuing or discontinuing the job,you need to take a call seriously viewing the pros and cons because it is your job,your career prospects,your family needs which are in question and do it when you have a job offer on hand to accept.