Devdatta,
A 390 is below the median GMAT Score. It's going to be difficult to get into most business schools with that GMAT score. You'd need to have a special story, some special exception to be able to get into a top 10 or top 25 business school with that score. There is one story that a student was admitted to a top 10 bschool with a GMAT score of 410 -- but this was due to applying a second time after being rejected, having a disability, confirming that disability with a third party reference, meeting with admissions counselors in person to talk about his story and his disability, etc...
Needless to say, getting in with 410 is extremely rare. Even scores in the 500 range would HAVE to be balanced out with stellar accomplishments elsewhere in the candidates' profile.
Without any of these special circumstances, I'd advise you to retake the GMAT and shoot for a score in the 500s or above. The median GMAT score is in the mid 500's -- that will generally place you within the "range" for some lower tier business schools.