Answering this from the short experience I have.
No! Frankly it depends on the company’s rules. Core companies just keep the cut off percentage to make sure only the students interested and good at subjects make it to them. But with IT its just how you perform in the written and in the interview.
Most of my classmates made it into a big IT companies though they were 6–7 pointers. Of course they were from a non-IT background. But that didn’t stop them from getting jobs. They nailed their interviews.
Also sometimes being in the right place at the right time also helps. Keep it always at the back of your head, at the end of the day you are selling yourself in the interview. So don’t sell yourself short. Be confident and be prepared.