I do not know well the old notion of XLRI taking GK tests will go. All the good B Schools are moving away from GK tests like FMS and XLRI has not given these tests last year. Moreover this GK should be business GK but some of the B Schools who are stupid enough to ask these questions are really weird GK like history of mughals etc. So the best bet is work hard and avoid these third rung institutes where those things are asked which have no relevance.