The Times London Higher Education Survey listed Universiti Malaya at 246th, dropping 54 places. It is out of the top 200 universities in the world. Though I do not place much value in such a survey except as a guide, to be at 246th is a bit far off on any count.
Given its western biased and artificiality, the survey is good only as a guide for students to know whether an university is respectable. Being in the top 50 or 100 should be a decent standing.