Mumbai started on a bright note and opened the scoring but lost the steam as the match progressed.
Captain Sandeep Singh gave Mumbai the lead in 14th minute before a self goal by custodian P R Sreejesh (30th) level the scoreline.
Four minutes later, Malak Singh neatly deflected from a crowded circle to hand Punjab a 2-1 lead at the end of second quarter.
With their nose ahead, Punjab started the third quarter on an attacking note and extended their lead in the 39th minute when S V Sunil scored from a rebound after his first hit was blocked by rival goalkeeper Sreejesh.
Australian Russel Ford then scored for the Punjab side in the 45th minute after he was beautifully fed by Malak Singh from the right.
Australian Glenn Turner reduced the margin for Mumbai in the 54th minute after deceiving Punjab custodian Japp Stockmann from a one-to-one situation.
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Punjab also conceded a self goal in the 66th minute but the home team held their fort from there on to register their second win in the tournament.
Mumbai was undone by poor penalty conversion rate as they utilised only one out of the five set pieces they earned in the match.
By virtue of this win Punjab has garnered 15 points from six matches, but continue to languish at the fourth position behind UP Wizards who have same points from five games and better goal difference.
There is no relief for Mumbai as they lie at the bottom of the table having lost all their five games.