The match ended in a draw but not without some drama on the final day of the four-day match that saw close to 20 wickets collapsing at the Wankhede Stadium.
Punjab is now leading the points table with 32 points, while Mumbai is placed at fifth position.
Punjab, who had posted 580 in the first innings before being bundled out for a paltry 59 in their second essay, set an improbable victory target of 155 in 10 overs before Mumbai.
The target was too tall for the home team to achieve and they eventually eneded at 62 for two in six overs before the umpires decided to draw curtains on the match.
Mumbai started their second innings with makeshift openers in the form of Rohit Sharma and Abhishek Nayar.
But the hosts lost first innings double centurion Sharma and wicket-keeper Aditya Tare in their chase to garner only one point for the outing.
Sharma struck three sixes and a four and was caught at the boundary line after scoring 28.
Left-arm spinner Ankit Chavan wrecked the Punjab batting line-up in the second innings with his career-best figures of nine for 23.
Karan Goel was the lone Punjab batsman to have managed double digit score with 25 runs.
Earlier resuming at the overnight score of 364 for three, Mumbai lost Hiken Shah in the third over of the day.
Rohit Sharma notched up 203, laced with 24 boundaries and three sixes, but got himself run out in the end.
Punjab pacer Manpreet Gony scalped five wickets, while skipper Harbhajan Singh picked up three wickets.
Brief scores:
Punjab: 580 & 59 (Karan Goel 25, Ankit Chavan 9/23)
Mumbai: 485 & 61 for two in six overs (Rohit Sharma 28, Abhishek Nayar 26; Sandeep Sharma 1/7).
