Sir already dropped one year after graduation for preparing cat and now I scored really pathetic in cat(49 percentile), xat, snap and Nmat too. I'm really confused now that what to do next, should I drop one more year or take admission in any of the average college ?

With your CAT percentile you may not get any good colleges but there are many colleges which select candidates based on their performance in the GD/PI rounds and they don't require you to score much in CAT. You just have to be presentable and show yourself as employable. You can apply for NDIM New Delhi and JIMS Rohini. You can also go for the written exam of IBSAT. They are decent colleges and will provide you a decent job opportunity.

If you have already dropped for a year then it won't be wise enough to drop again because that would create a lot of problems during placements. Some companies like Vedanta, Tata Motors and many other reputed organizations require you to have a maximum academic gap of 1 year.

Do considering all these facts and without further ado you should apply for the above mentioned colleges.