A very Mumbai way of saying 'are you crazy or
something?'
Generally used when
someone suggests something stupid or ridiculous.
Shyam : Hey Shankar, you owe me 500 Rupees. How do you
plan to pay it?
Shankar : I bought this lottery
ticket and I am going to win. So I will pay you as soon as I win.
Shyam : You think I am
mad-o-wat to believe that?