Shah's scintillating 165 off 274 balls was studded with 23 boundaries and three sixes.
Gujarat captain Priyank Panchal, who was unbeaten on 124 overnight, departed nine runs short of 150.
With the innings fast crumbling, Jaydev took it upon himself to drive them forward hitting seven fours and two sixes in his unbeaten 81 off 98 as Saurashtra were bowled out for 348.
Here's what happened on Day 2 of the Elite A Round 2 match of the Ranji Trophy 2081-19 season between Saurashtra and Railways at Rajkot.
According to Supreme Court's recent verdict, Niranjan Shah will be stepping down from his post as secretary
Ravindra Jadeja has also scored his both triple tons at this venue and further added more glory to flat Rajkot track.
The 2016 auction of Indian Premier League (IPL) surely bought many surprises with some big players going unsold and few unknown players getting big amounts in their pocket.
Saurashtra's Jaydev Shah has overtaken Ravinder Chadha of Haryana in the number of matches in which he has led his team in the annals of Ranji Trophy.
Chasing 146 to win, Saurashtra failed to get going at the start and managed just 129 for seven.
Jaydev Shah won the toss and elected to bowl for Saurashtra.