Hi atulmonga,
This sounds like more of an Admissions question, so you might want to post to the Experts in that Forum:
ask-admission-consultants-124/Getting wait-listed is not necessarily a bad thing (and it's certainly better than getting rejected outright). You might also have to wait for several more months to hear definitive word. However, there might be some things that you can do to strengthen your application in the interim (e.g. retake the GMAT and score higher, if you've received any promotions or leadership work since you applied...you could update your work experience).
Were there any parts of your application that you thought could be stronger?
GMAT assassins aren't born, they're made,
Rich