Shankar followed up his first round 69 with the tournament's best score of six-under-66 in the fifth PGTI Super Series event of the season.
Deepinder Singh Kullar of the DLF Golf & Country Club, Gurgaon, fired a second straight four-under-68 to be placed second at eight-under-136.
The cut fell at four-over-148. Fifty-one professionals and two amateurs made the cut.
Shankar Das (69-66), who was overnight tied seventh, gained six places to be the sole leader in round two after a sizzling 66 today that featured seven birdies and a bogey.
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Das said, "I capitalized well on all the par-5s today. That was the big difference from round one. I've done well at the DGC in the past so that helps my confidence when I play here. I've been a runner-up at a PGTI event here and have also had top-5s at two international events at this venue. I've had a consistent year on the PGTI so far as I was runner-up in Nepal and also had three other top-5 finishes. I'm currently ninth on the Rolex Rankings and this event presents me with a great opportunity to improve my position in the rankings."
Kullar said, "I started the day with some great putting but thereafter it was my accurate iron shots that helped me pick up birdies from close range. I finished 12th at Eagleton last week and feel I can continue the good form this week as well. This is an important event for me to climb up in the Rolex Rankings as I'm currently placed 59th."
Delhi golfer Chiragh Kumar lies tied fifth at five-under-139 along with Sanjay Kumar of Lucknow, Mhow golfer Om Prakash Chouhan and Bangladeshi Md Zamal Hossain Mollah.
Defending champion Rashid Khan of Delhi is another shot back in tied ninth along with four other Delhi-based professionals, Vikrant Chopra, the overnight joint leader, Karan Vasudeva, Pawan Kumar and Gulfam.