Retrenchment

I am working in a Company since 11 years and currently designated as Zonal Manager. During Corona, in Jan 2021, I was deputed to Delhi from my base location,Kolkata (my home town). The senior management during that time informed that they are deputing me to Delhi due to loss of business at Kolkata. However, during my transition to Delhi, they placed another Zonal Manager of a different Zone to Kolkata. Being a performer, I continued with that trend and was working with full enthusiasm at Delhi since last two years. To my surprise, one fine morning, one of my VP called me and informed that the management has taken a decision to retrench me. I was utterly surprised to hear this and asked him the reason for such a decision, to which he fumbled and failed to give any reason. I politely requested to reconsider as I am not prepared for the same. He said he will give a try but it is difficult. He also informed that HR will get in touch with me shortly and discuss. After that, 50 days have passed, I haven't heard anything from them. Recently I am observing that the senior management is not involving me in important discussions and giving a cold shoulder. They are also planning to recruit an Ex Serviceman in this position. Please suggest, whether I should resign or wait for them to come back and retrench me. If they retrench me, am I eligible for any compensation besides notice pay and gratuity? I am 53, and only the earning member to support my family.