Hi Richie,
Hope you are doing well. Selection to top B-Schools like IIM A, B, C, L, K, I, XLRI, MDI, FMS, NITIE requires a you to ace in a lot of categories.
Now, the first point i.e. doing well in the entrance exam is a bare minimum but everything else is subjective. Many aspirants with decent academics get through while some with brilliant academics fail. But that doesn't mean your past acads has no value. See the point is, the professors see in you what extra attribute can you bring to the batch. If they see any spark in you, you're sure to be selected and mind you me, this spark can be anything from academics to extra- curricular activities, any special hobby that you might have or any exceptional experience you might have faced.
So to simplify and answer your question straight... Yes extra-curricular activities bring in some bounty points during PI just like exceptional academics but nothing guarantees your admission. Its you, overall that they judge. Any special abilities you might possess that separates you from the rest always becomes a turning point.
Hope this was helpful.
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