Rajmati Jain is battling for her life since the accident on S V Road in suburban Goregaon on December 8.
She was crossing the road when the car, driven by an unidentified person, hit her.
The footage, retrieved from a CCTV installed at a mall nearby, shows the victim being flung in the air after the knock by the car.
As she falls on the road, the vehicle overruns her and drags her for several feet, without stopping.
News channels aired the footage today.
"Although we have CCTV footage that captured the incident, we could not get concrete leads as the visual is very blurred," said sub-inspector N V Rane of Goregaon police station.
However, efforts to track down the culprit are on, he said.
The victim sustained serious injuries to head and legs and her condition is stated to be critical, the police said.
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