Stop worrying about campus placements, and focus on getting a great company “off campus”.
As a company gets bigger, the hiring practices get more and more “safe”. Which means rejecting the 7-pointers without even looking at the resume, rejecting anybody who does not score 80% or more in the aptitude test irrespective of how good their programming abilities are, etc. And by the time a company gets big enough to come on campus to IIT, it has already started on this path.
Instead, play to your strengths. In fact, convert your 7-pointer status into a strength. Right now in India, there are some really exciting companies amongst small and mid-sized startups, one of which could be the next big thing in technology. And many startups would love to have a 7-pointer, IIT-B, CS student. Especially one who is proactive enough to use Quora in this way. They cannot come on campus, and they cannot compete with the bigger companies for the 8-pointers and 9-pointers, so they’ll love you. You can use 7-pointer to your advantage by pointing out that you will not jump ship and go away for an MS.