From 690 to 690

Sumeet - I WAS in the same boat as yours. Scored a 690 twice with almost the same split. Retook the GMAT third time last week and got a 730 with a slight improvement in Quant but a MASSIVE improvement in Verbal (you can read here: 690-690-730-finally-conquered-the-gmat-133278.html)

Some points per your post above:

1. 690 is not a bad score at all, but it really depends on what you want to do, where you want to apply etc. Everyone wants to apply to HBS, Stanford etc. - but truly there's no one on this forum who can say with a high probability that you will get in despite a high GMAT, stellar grades and amazing work ex. On the other hand, this doesnt hold true if you ask for schools like kellogg, Booth etc. - so its upto you to decide if you want to retake
2. My retake was due to the following reasons:
a. i got an interview at Kellogg with 690 but didnt make the final cut. I love that school and if I am to reapply, I need to show improvements in various aspects of my candidature. I have done that in my professional and personal life, and an improvement in my GMAT score only helps
b. Getting an interview with a 690 and 2 years of WE at Kellogg, I realized my app would have been good, but probably not the other areas. So I needed to strengthen my application and improve on my GMAT
3. No school cares about how many times you have taken the GMAT, but they would expect you to stop after 3 max 4 attempts because then it becomes an ego game in my opinion. The test is standardized - you can beat it by jumping >30 points, but the probability of that happening is lower, atleast as per GMAC. So schools expect a 'sensible' person to stop after 3-4 attempts and realize that what he/she has got on the test is what they 'deserved'. Now they should focus on other aspects
4. Schools see only your highest score, BUT they get the full report with ALL scores reported. So if you are showing an improvement in scores, it will be treated positive. However, in your case as above, a decrease is not that positive. you improved quant - but thats no great shakes. You are an Indian applicant - they expect that from you. so ONLY take the GMAT if you are SUPER confident of improving Verbal significantly
5. Schools look at score split - you should get above 80 percentile in each section to be competitive. I know schools say 75 percentile, but dont think that really works that well.
6. Retake the GMAT in the next 1-2 months - you are fresh off prep material, your concepts of Math,Verbal etc. would be better ingrained in your head now than later. Plus, you know what to target - Verbal. If you delay taking the GMAT, you would be too close to app deadlines (Round 1) to focus on it properly

Regarding you query above, I am not entirely sure but if you sent OFFICIAL GMAT scores to these schools before taking the exam, they would not recheck as they have an official copy to work with. If you self reported the score, then the schools will ask you for an official score report upon acceptance/sometimes before also, and you dont want to come across as someone hiding data from schools. Caveat: If a school asks you to report ONLY the highest score in the application, use the old score for the better split. If they ask for the latest OR the entire GMAT testing record, report the latter score.

However, I do believe GMAC is not stupid and that if a candidate reports a score before taking the exam and then retakes the exam, I believe they would (rather should?) send an update to the schools. But this would happen only if you reported the OFFICIAL score and not self report. Dont know if this is true or not though....

I hope my points above are helpful for you. Think calmly before spending another $250 (especially with the godforsaken exchange rate) on the GMAT vs. $250 on a Solid application with a 690. All the very best.