According to airfleets.net they still fly five 747-400's. A sixth one (VT-ESM) seems to be stored.
Can't tell you where they fly, however a search on this site returns a recent picture of one in Frankfurt, however, a quick search on amadeus.net does not result in any 744 flights from Mumbai or New Delhi to Frankfurt.
EDIT: found one: Mumbai to Riyadh (Air India flight 927), is operated by a 744.
[Edited 2012-08-08 23:55:44]