I think Ash would be angry as well as hurt. He's a passionate trainer and his friends mean a great deal to him. He might challenge May in a Pokémon battle, not to defeat her but to make her see how wrong her betrayal is. And during the battle, he would keep asking her to come back to their old friendship.
Ash would be extremely hurt. He's a very loyal person, and having someone he cares about like Lillie betray him would be a huge blow. He might initially go into denial, not believing that Lillie could do such a thing.
Ash could get angry. He has a strong sense of justice, and he might feel that May has violated their friendship. He could challenge her, not in a violent way, but more in a way to get an explanation and to try to make her see the error of her ways. He would likely be determined to show her that what she did was wrong.
Ash would initially be heartbroken. He has shared so many adventures with May, and this betrayal would shatter his trust. He might go off on his own for a while to think things through. When he comes back, he could be more determined than ever to prove himself without May. He might also be a bit more cautious when it comes to making new friends. His Pokémon would sense his distress and try to comfort him, but it would take a long time for him to fully get over May's betrayal.
Ash might be heartbroken at first. He'd feel a deep sense of loneliness and confusion.
Ash would likely be shocked at first. He's so used to seeing the good in people, especially fellow trainers. But then he'd probably get angry and determined to set things right. He has a strong sense of justice, so he wouldn't let the betrayal go unpunished.
Pikachu might be very confused at first. When it sees 'Ash' (really May in Ash's body) acting differently, it could be hesitant to follow commands as usual. For May's Pokemon, they might be surprised to see 'May' (Ash in May's body) suddenly having a more battle - oriented attitude. For example, May's Beautifly might be confused when 'May' wants to train it for battles instead of focusing on its appearance for Contests.
Ash would probably be initially shocked. He is used to seeing the good in people and would not expect such a betrayal from Cynthia. He might stand there in disbelief for a moment, unable to process what has just happened.
Ash would probably be really hurt at first. He's always been so trusting of his friends. He might go off on his own for a while to clear his head, like he did when he had a falling - out with some of his friends in the past.
Ash would probably be devastated. He would feel like his world has been turned upside down. At first, he might not believe it and think it's all a big mistake. As the reality sinks in, he could start to isolate himself from others, even from his Pokemon for a while. However, his strong will would eventually kick in. He would use this as motivation to become stronger, not just in his Pokemon battles but also in his ability to face challenges alone, without relying on his so - called friends.
Ash would probably be very shocked and hurt. Pokemon are like his family, and for Misty to steal one would go against everything he stands for.