The 21-year-old, who is on top of both the European and Asian Tour Order of Merit lists by virtue of two wins in less than two months, had five birdies against one double bogey and was lying tied-38th.
Meanwhile, things did not pan out too well for SSP Chawrasia, who defends his Hero Indian Open title in just over two weeks from now. Chawrasia shot one-over 73 and was lying way down at tied-105th spot and in danger of missing the cut.
They were a shot clear of Italian Edoardo Molinari, Spaniard Alvaro Quiros and German Marcel Schneider.
Starting on the back nine, Shubhankar began with birdie-birdie, but then a double bogey on Par-5 15th played spoilsport. He quickly recovered with back-to-back birdies on 16th and 17th.
One more birdie against no bogeys on his second nine, which was the front side of the course, saw Shubhankar finish at 69.
England's Pepperell made birdies on the 10th, 11th, 14th, 16th and 18th with a single blemish on the 13th to share the lead before gains from Bland on the first and second moved him clear.
Havret had a dramatic round making five birdies in six holes and six in eight holes from the sixth. He added one more on 16th for a flawless 65. Pepperell had eight birdies against one bogey.
Molinari also finished in style to complete a run of seven birdies in 10 holes.
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