The management service IP connectivity will be lost during a restart of the management agents on the ESXi hosts. The only thing that won't be affected will be the actual VM's running on that host. When you say "impact on esx if we restart the same?" are you talking about rebooting the host or just the management agents? The management agent(s) are on the hosts so that's what would be affected - again, only connectivity to the service console, the connection to vCenter, and the ability of HA/vMotion.
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