Total no. of students in EML list this time is around 60,000 and the total seats is just 2000 which is quite less.
Total seats for IIT is 6875 and the total rank displayed is 8500 so most of the students wont be making to IITs. They will automatically become eligible for EML counseeling and also they will given the preferance over EML students so there is less chances of students who are even above in the extended merit list. As your rank is quite back you wont be getting anything.
If you have just given 12th exam, dropping a year will be the best option and if not start looking for some private colleges at Bangalore and Punjab.