After being skittled for a paltry 154 in their first essay, Punjab bowlers allowed the 40-time champions to rake up an imposing total of 569 for 8 declared, conceding a massive lead of 415 to the hosts.
Though Punjab batsmen, in particular opener Jiwanjot Singh (91 in 159 balls, 12 fours) and number four Mandeep Singh (82 not out in 133 balls), showed better application in the second essay, the visitors were still left facing a massive task at close of the penultimate day.
The unbeaten batsmen at close were Mandeep, who has hit 11 fours so far in his 225-minute stay, and Himanshu Chawla (31).
The batsmen out in the Punjab second innings were opener Manan Vohra, his second failure here, Jiwanjot - who was unfortunately run out to break a promising stand of 101 with Mandeep, Uday Kaul and skipper Yuvraj Singh - who was bowled round his legs for 14 while trying to sweep part-time spinner Akhil Herwadkar.
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With the second new ball due early tomorrow, Mumbai would fancy their chances of polishing off the remaining Punjab batsmen and then surging to a victory.
In the morning, Mumbai carried their overnight score from the overnight 495 for 6 to past the 560 mark before declaring.
Skipper Aditya Tare, not out 111 yesterday, remained unconquered on 137 after a five-hour stay during which he faced 172 balls and struck 16 fours.