Is FMS Delhi losing its touch?

No, I don't think that FMS is losing its touch. 

Arguments in favor

• Even now, the placement is excellent, on par with that of more established IIMs.
• Superior return on investment.
• The benefits of attending DU, include its many student organizations, rich tradition, and active club scene. All of this is unparalleled.
• And you get to call Delhi home! The nation's administrative centre. This is where most things congregate.

Negative points includes

• Small Campus size
• The rankings aren't particularly good because they take into account things like a school's physical facilities, faculty, and student body as a whole.

To sum up, I'd want to emphasize that FMS is a highly regarded business school, should you be offered admission. Avail yourself of it.