In BGP If i am receiving updates from eBGP peer, will the next hop change or not?

EBGP next hop is not changed if the BGP next hop in the BGP table belongs to the same IP subnet as the EBGP neighbor to which the update is sent. This rule ensures optimum packet forwarding in partially-meshed EBGP deployments (example: internet deployment).

You can disable the EBGP next hop optimization with neighbor next-hop-self router configuration command. This command is particularly useful in partially meshed multi-access networks (Frame Relay, ATM, Phase 1 DMVPN, private VLANs)