IIT Bombay’s Mood Indigo is one of the country’s most popular college festivals. Representation pic

Mood Indigo, IIT Bombay’s annual cultural festival and one of the country’s most prominent college fests, has also taken a hit due to the ongoing demonetisation drive. The festival’s budget has gone down by 25 per cent as sponsors have said they will give 50 per cent of the promised amount now and the rest, after a couple of months.