It was madien fifer for Rawat, who made his first class debut in MP's previous game at Gwalior against Baroda in which he was wicketless.
Today he claimed 5 for 14 in an 8-over spell for one run with the second new ball after Mumbai resumed at 375 for 4.
Then MP replied strongly by putting on board 221 for 3 before stumps, riding on opener Jalaj Saxena's excellent knock of 85 in 111 balls with 16 fours. Wicket-keeper Naman Ojha hit an 60 from 142 balls.
It was Rawat's brilliant spell, supported by Puneet Datey's tight spell of bowling from the other end that saw Mumbai fold like a pack of cards.
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The 22-year-old Rawat packed off three batsmen in his fourth over of the morning. He dismissed overnight unbeaten batsman Sarfraz Khan through a catch in the slip cordon.
He then trapped the other overnight unbeaten batsman Siddesh Lad (73) off the fifth ball and added the scalp of Shardul Thakur in the last ball to be on a hat-trick.
Spearhead Datey accounted for the other wicket - Iqbal Abdullah - to end up with 3 for 76 as Mumbai lost six wickets in a heap while adding only 29 runs.
Brief scores: Mumbai 404 all out (A Tare 37, A Herwadkar 97, S Yadav 135, S Lad 73; P Datey 3 for 76, Y S Rawat 5 for 74). MP 221 for 3 (J Saxena 85, N Ojha batting 60, D Bundela batting 42).