Hi Akshay,
Given that you experienced such a significant drop from your practice test scores to your actual GMAT score, I’d like to learn more about your situation with the GMAT before providing further advice. I have some questions:
1) Have you taken any other practice exams in addition to those listed above?
2) Please describe how you studied. For how many hours a day did you study and for how many months? What resources did you use for your prep?
3) To what programs will you be applying? What are the deadlines for these programs?
4) By when would you LIKE to take the GMAT? By when MUST you take the GMAT?
5) For how many hours a day, on average, can you study between now and your next GMAT?
6) In your opinion, how prepared were you for the GMAT? It's important that you answer this question as objectively as possible.
Once I learn more about you, I can provide some more detailed advice.