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Hi Riya,
49% in hgraduation is relatively low. However, the admission into an MBA college will also depend on several other factors like you CAT/XAT/entrance exam score, your GDPI scores and the ability to convince the interview panel why your scores are low. Having said that, If you get a very high percentile like 98+ and perfrom best in the interview, the chances that you may get into a new IIM are high. So you should try for that.
A lot of private B Schools will also give you good opportunity to join them provided you are flawless in the entrance exam scores and GDPI. However, after joining MBA, you may face problem in convincing recruiters to hire. So do not expect the best placement but try to cover up your Graduation scores by performing spectaculary well in all exams ahead and developing all round skills through certifications so that you skills dominate the scores.
All the best.
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