Shubhankar, who posted a four-under-68 today, ended the week with a winning total of nine-under-279 at the Royal Calcutta Golf Club (RCGC).
There was heartbreak for Bengaluru's Khalin Joshi (71), who finished tied second, despite leading till the final hole of the Rs 30 lakh event. Kolkata's Shankar Das brought cheer to the home crowd as he delivered the day's best score of 67 to join Joshi in tied second at eight-under-280.
It was a keen tussle between two of India's bright young prospects, Shubhankar (68-72-71-68) and Khalin (71-69-69-71), on the final day.
The 19-year-old Shubhankar, who recorded a win and a runner-up finish on the PGTI last month, then seemed to have slipped out of contention as he overshot the ninth green to drop a bogey. However, there was a final twist to the tale.
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Joshi, who was one ahead with three birdies for the day till he stepped on the 18th tee, landed his drive to the right and also missed a chip-putt on the last hole to concede a disastrous double-bogey that handed the title to Shubhankar.
"I did well with the irons today even though I think I was not at my best. It was tense out there towards the end. I thought Khalin will easily win at the end but I got lucky when he double-bogeyed the last," Shubhankar said.
"I was looking for a chip-in from the back edge of the 18th green but my caddie advised me to go for a chip-putt instead as he informed me that Khalin had just missed the fairway and was in trouble on the 18th. I immediately changed my strategy thanks to the timely advice of my caddie," said Shubhankar, an Asian Tour rookie.
"I played fewer events on both the Asian Tour and the PGTI due to my wrist injury and also the injury suffered after a bike accident. But I made the most of my limited opportunities this year. I've regained a lot of confidence with the Rolex Ranking win. This will help me get my game back on track in the next Asian Tour season.
Shamim Khan mastered the greens today as he chipped-in for birdie on the sixth and sank five birdie putts from a range of 25 to 45 feet during his round of nine-under-63 that equaled Rashid Khan, Arjun Atwal and Edwart Fraytt's previous course record.
It helped him claim tied third place at the event and second position in the money list.
Jyoti Randhawa came in sixth at nine-under-279 after firing a top-class 66 in round four.
Aman Raj (71) finished joint 10th at four-under-284 to win the Emerging Player of the Year title.
Shubhankar Sharma, the money list leader coming into this event, posted a disappointing 76 in round four to also end up in tied 10th. He thus slipped in the Rolex Ranking from first to third.
Shiv Kapur ended tied 15th at two-under-286 while Kolkata's Rahil Gangjee and Bengaluru's Chikkarangappa, last year's McLeod Russel Tour Championship and Rolex Ranking winner, were both tied 23rd at one-over-289.
Final Scores:
273: Pariya Junhasavasdikul (66, 68, 68, 71); 276: Rashid Khan (70, 64, 70, 72); 278: Shamim Khan (70, 73, 72, 63), Gaganjeet Bhullar (71, 68, 70, 69), S.S.P. Chawrasia (70, 68, 69, 71); 279: Jyoti Randhawa (70, 69, 74, 66); 280: Khalin Joshi (67, 72, 71, 70); 282: Amardip Sinh Malik (68, 70, 74, 70); 283: Abhijit Singh Chandha (74, 71, 70, 68); 284: Mithun Perera (73, 71, 72, 68), Aman Raj (74, 70, 69, 71), Shubhankar Sharma (70, 68, 70, 76).