Bhullar at one stage went to eight-under and was even in lead, and then dropped shots at eighth, 13th and 14th holes.
Bhullar is now five-under and Tied-for the tournament with three more holes to play in the third round while Shubhankar had a double bogey on 17th when light stopped play and he returns for his final hole in the morning.
Shubhankar, who had an eagle two on 16th is Tied-17th.
Shiv Kapur (70) was the only Indian remaining after the cut to have finished his third round. He is one-under 212 and Tied-39th.
Thailand's Tirawat Kaewsiribandit (66) and Phachara Khongwatmai (67) braved the heavy rains by snatching the third round clubhouse lead. They are at eight-under 205 each.
But Australia's Adam Scott, a three-time Singapore Open winner, could meanwhile overtake the Thai duo when he resumes his third round at 7.30am on Sunday.
Players are not only fighting for top honours, but the top four inside Top-12 will gain a spot at the British Open at Royal Birkdale in July.
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