Prasad:

Much of your chance to get accepted to a good b-school will ride on the quality of your WE. If you can demonstrate a reliable increase in responsibility over the years and show leadership roles you have taken and successfully navigated, it will help. So much more will be riding on your WE since it's 8 years. In an 8 year career, you should have achieved much, and therefore can bring much to the table of value for your potential classmates in b-school. GMAT is kind of low, especially as someone in the Indian applicant pool, so you will need to differentiate yourself in other ways, or begin targeting the third tier of schools or perhaps PT programs or even Exectutive MBA programs, which look for 10 years WE. These latter two types of programs are generally more liberal in their admissions requirements. Hard to say which schools would be ideal for your profile without a complete analysis of your full profile and background. One thing to be cautious of, however is your Masters in Management. Many schools will see this as an MBA equivalent degree and reject your application. Be sure you speak with the specific schools you end up targeting and make sure this is not a deal-killer.