We demonstrate strong modulation of the transmission around the surface plasmon polariton (SPP) resonance in metal/semiconductor hybrid nanostructures based on Ag film on top of InGaAs. The change in the real and imaginary parts of the refractive index due to photoexcited carriers in InGaAs generates a shift in the SPP resonance and enhanced transmission near the SPP resonance. Temporal evolution of the complex refractive index was traced by comparing the transient transmission with finite-difference time-domain (FDTD) simulations.