GMAT Scores

Yes, management exam scores such as CAT, MAT, CMAT, and GMAT scores can have an impact on a student's placement opportunities. These scores are an indicator of a student's aptitude and potential for success in management studies, and they are often used by recruiters to shortlist candidates for interviews and placement offers.
Many companies that recruit MBA graduates from top B-schools have a minimum cutoff for entrance exam scores, and candidates who meet or exceed these cutoffs are more likely to be considered for placement opportunities. In addition, candidates who perform well in these exams may have better chances of securing internships, which can lead to full-time job offers.
However, it is important to note that exam scores are just one of the many factors that can influence a student's placement opportunities. Other factors such as past academic performance, work experience, interpersonal skills, and performance in the selection process can also play a significant role in determining a student's placement prospects. Therefore, it is important for students to focus on developing a well-rounded profile that highlights their strengths and achievements in various areas.

It is not the only determining factor and a person with high CGPA has better chances of getting into in good colleges or company is not very true and is situation specific, I would elaborate this with some examples. As far as placements are concerned you need to score above a particular range (ex. 8 CPI and above for some companies) to appear for the process. As far as getting in a college for higher studies is concerned, it all depends on university and your overall profile. Again, for example if you have done some phenomenal research and published lots of material, you have given some TED talk and you are applying to IVY league University where you want to extend this research definitely, they are not going to underestimate you just because you have low CGPA. But definitely in certain scenarios it is high CGPA which at least gives you an opportunity in campus placements. Again, for example Mercedes Benz usually short lists top 5 students from each college (based on CGPA or aggregate %) and invites them for the recruitment process in their campus. Thus, if you don't stand in those top 5 no matter how much practical experience you have got, you can't even attend the interview process.