At close of play on the second day, Mumbai were struggling at 58 for three with Shreyas Iyer batting on 27. Night-watchman Dhawal Kulkarni was yet to open his account when the stumps were drawn.
Mumbai skipper Aditya Tare was dismissed for 26 after the openers, Akhil Herwadkar and Jay Bista, perished with just five runs on the board.
Seamer Jasprit Bumrah was the wrecker in chief, sending back the Mumbai openers to return figures of 2/11 in five overs, while there was one wicket for Karan Patel.
Overnight on 122, Panchal's innings consumed 434 deliveries. He struck 28 boundaries and two sixes, frustrating the Mumbai bowlers throughout.
Mumbai trailed by 379 runs with seven wickets remaining in the first innings.
Among Mumbai bowlers, left-arm spinner Vishal Dabholkar was the most successful, returning figures of 6/118 in 43.1 overs.
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