An analysis of what might have gone wrong is due!!! Being in the IT Male crowd with 4-5 years of experience did some damage. But then ISB does have a decent sized IT Male population. App'ing in the second round did some more damage. But then I know a few IT folks who got in. Not being too expressive in the interview of why I wanted to do an MBA was the clincher is my guess.
Anyway, will approach ISB for a feedback and maybe think of re-applying next year if I think I believe in their analysis of my app. But as of now, its back to the app'ing table.