Hi,
Finally, after changing the subnet, the issue got resolved. Thanks for all your valuable feedbacks.
The VMs were connected to 'VM Network 2' port group.
The IP details are as follows:
ESXi - A: Management network (vmnic0 - 'VM Network' portgroup): 111.50.2.3
VM - 1: 'eth0' attached to 'VM Network 2' (vmnic1): 111.50.4.2
ESXi - B: Management network (vmnic0 - 'VM Network' portgroup): 111.50.2.4
VM - 2: 'eth0' attached to 'VM Network 2' (vmnic1): 111.50.4.3
The physical NICs (vmnic0) of both the ESXi(s) are connected to a GbE switch and the physical NICs (vmnic1) of the ESXi(s) are connected using a cross-cable.