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530 is a tough sell, but the 80% range for Babson's P/T program is 500 - 700, so it looks like they will accept all types of scores.
Even then, you are from the most comeptitive and over-represented groups in B-school: Male, Indian, IT. If all you have is a GPA, you're going to get swallowed into the Sea of Indian IT.
Cliff Notes: your GPA is strong, your GMAT (to be frank) is very weak, so your Recomendations, Essays, extra cirriculars, well...just about everything else, needs to rock.