Can i drop!

If you really aim to go to IIT ,then you may. But you need a lot of hard work. Formulas should be on your tips and you need around 7-8 hours of regular study with proper time table.
My advice is that you should not Drop but work hard in your next phase of life. Do graduation from any good private college and try for Campus placement there or make your own ways. You can create jobs rather than having one.
Even if you wish to get any government job in future start preparing for GATE from first year only. You have to learn some concepts. If you crack GATE with 80+ percentage you can go for MTech in IIT's or any Public Sector jobs.

A person studying only  in NIT or IIT doesn't get successful or have a safe future. Many students from IIT's and NIT's too remain unemployed after their graduation. So don't drop start a new life. Work hard focus on your concepts.

All the best