I am already holding an offer letter with one company. Can I ask for 40% hike on it to another company who wants me to join them?

Is it a decent ask? Or will they increase just 50k-1L to make their offer a bit better than what I have? Please suggest.

PS: I can join the company immediately since I have already served the notice period.

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How will anyone know what people in other organization are thinking, but 40% over an offer letter is excessive and looks like you only joining for money and so will leave again if a new organization offered you more !

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You can definitely ask, it is not about % hike. Expectations can be dependent on the YOE. Perform well in the interviews, you can ask them as per market standards. Once you performed well in the interviews, HR can not reject you on the basis of the % hike.

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Its not a right way to ask hike on hike. It depends upon your current CTC but if you are underpaid then certainly you can mention your expectations

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There is no harm to ask. One of my colleague jumped from 6 lac CTC to 23 CTC having multiple offer. Definitely you can ask what you deserved.

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