I know a friend who is currently in her second semester and she shared a few pieces of information regarding the scenario there. 

As everyone says, joining IIT Bombay was indeed a very fun-filled experience and it satisfies all your cravings for a rich college life experience.

However, after a few days, she became aware of some harsh realities. Due to the relaxed ambiance, she stopped focusing on academics and was not among the toppers anymore. This affected her confidence a lot. She started feeling inferior to her peers and considered herself just an average student. She started anticipating if her decision to join IIT Bombay was even worth it. Eventually, she realized that she was mistaken and the truth was way different. She realized a few things she wasn’t able to ascertain before

• She was able to learn such things she could not have learned anywhere else
• She had learned to work more than her capabilities and push her limit by studying with many geniuses
• She got to know her worth when compared to people in the same field
• Life at IIT Bombay made her all the more humble and mature, ready to face life challenges strongly.

She eventually did not regret joining IIT Bombay even a bit. She gave it the credit for grooming her overall personality.