What is the salary range for an MTech graduate in mechanical engineering from IIT Bombay?

It depends upon the sub-branch (production, design, thermal) in which you are doing your M.Tech. Generally mechanical designer get more salary from 5 lakh to 12 lakh than others. Even some student gets around 15 lakh to 20 lakh in design, thermal student gets slightly lower package than design student (generally), and manufacturing student get salary around 4 lakh to 8 lakh (although there are some exceptional students in each sub-branch !).
Reason:- Since we are M.Tech students, so we can go only in core company and also we all know that core companies generally gain less profit than software companies so we get fewer salaries compared to b.tech student (who can also apply for software companies) and also most of the companies generally prefers B.Tech students because they are all rounder compared to M.Tech students who generally spent their time among books.
But believe me our promotion in the company is much faster than those graduated students