Hi gurpreet07, timing is very very important in both verbal and quant. If by the end of the test you are generally left with little time and have to guess a few question, it would surely impact your score.
I would suggest you to practice few tests in the timed env. In my case I used to keep the following scale with me:
Time left-Questions done
75mins - 0
60mins - 8
40mins - 16
20mins - 26
10mins - 32
00mins - 37
During the exam, I used my time-scale to periodically check how much I was lagging behind. For example, when 40 mins left, I should have already attempted 16 quant questions. I have kept less time for first few questions, i.e. 8 questions in 1st 15 mins since initial questions in quant are lot easier. The next 10-15 questions are generally time consuming.
If I was lagging behind by just 1-2 questions I tried to speed up the things, and guess 2-3 questions (if required) randomly in the last 20 mins. But this guess-work was also scattered instead of panicking in the end and concentrating all the guesses in the last few questions.
One more tip, try to nail some of the most difficult questions which GMAT will start throwing after around 15 mins. This will shoot your score. But again towards the end you'll start getting easier questions.