They are not under rated. Universities must take forward existing knowledge and for this they have to contribute through original research. How many Indian universities are doing proper research? Probably, only a few. There is still heavy but subtle politicization and bureaucratization in Indian universities.
Rating of universities doesn’t depend on placement of students in mass (monkey coding) and non-core jobs. However, the reality is also that there is little encouragement for doing proper research in Indian universities.