I got the call from Recruiter for react developer ...

I got the call from Recruiter for react developer position, he asked me for last working day, current salary and offer in hand (10.5lpa I was holding), then expected I told Around 12 lpa. She was okay with it and conduct the interviews cleared interviews they told me you are selected they asked for all documents I provided . After 2-3 days I called to recruiter he told me that management did not approve your offer they can offer max 7 lpa. Is there any logic in this????....if you don't hv budget then why are you conducting the interviews. May be they have time to waste but please respect for others time.....vary bad experience.