akarshank
I have read and heard that less than 49 in Quant is a big cause of worry for schools such as Wharton and Columbia.
I feel that's a bit of an exaggeration. It's one [amusing] thing to believe that someone's knowledge of high school math will predict their ability in a management program, it's another to feel that there is a hard cut off. It's not like inequalities or geometry show up much in application outside of careers in engineering or similar fields.
What matters more is what pool you're applying from. If you've made and sold a successful business or two...or worked in an interesting niche leadership role... etc. have a strong GPA and some hobbies/EC's ....and aren't an Indian IT male (no offense intended, it's just a large pool which makes 'luck' more of a factor than w/ other pools)... then anything starting with a 7 will likely be competitive across the board - a bit of a crap shoot at H/S/W but rank 3-10 schools will be very interested in you. They wouldn't look at a 46/47/48 in Quant and think NOPE.
On the other hand if you're part of an overrepresented group and are aiming for top 5, you'll either have to have something platinum about your application, or pushing a higher GMAT than your competitors. 710 is great for some pools and unlikely to be the reason for a ding (e.g. female URM), below 730/740 is meh for other pools e.g. Indian Male in IT.