The selection list of every top IIM is mutually exclusive. If you get shortlisted by any of the IIM, you have a 100% chance of changing it, the percentile in CAT wouldn't matter. The conversion depends upon how you perform in an interview and the assessment of it.

Over the years, the waitlist movement has been constant but not many get a call from these institutes and choose to do different things in their lives, but they also do not choose any other institute over it. 

For IIM LKI, waitlist movement varies a lot due to the following reasons:

• The first might be the overlapping with ABC.
• The second could be the conversion of candidates to A or B but they might not have made it to the L/K/I.
• Third, only a few leave their seats to go for ABC in one attempt.

These factors sway each year and affect the WL movement. It is difficult for anyone to predict the waitlist for any of the IIMs.