MS Azure hiring event feedback

I attended ms azure's hiring event, initially, the recruiter said that the last technical round (3rd round) feedback was positive and I will have the hiring manager round later in the coming weeks may be. But he later called and said it's no hire for 3rd round, but I will still have the managerial round. What does it mean? Is it just formality or do I still have a chance? YOE: 11 Current TC: ~58 L #microsoftindia