Karnataka captain R Vinay Kumar led his side's fightback with two quick wickets.
The first day’s play between the two sides was washed out on Saturday.
Punjab openers made a confident start as they were 72 for no loss in 18 overs.
Manan Vohra cracked a brilliant century to put Punjab on top against Jharkhand.
Rajat Bhatia's century goes in vain as Punjab beat Delhi by 98 runs
A collective effort by Punjab saw them make an impressive comeback.
Jiwanjot Singh and Uday Kaul notched up a double hundred and century respectively but Punjab had little else to cheer
Opener Jiwanjot Singh smashed an unbeaten century to help Punjab produce a much-improved batting show and score 330 for one in their second innings against Vidarbha at stumps on Day 3
Sixteen wickets fell on the opening day of the Ranji Trophy Group A match between Punjab and Gujarat as the home side fought back in a splendid fashion after being bowled out for 172 at Mohali on Thursday.
Taruwar Kohli and Mandeep Singh came up with twin centuries as Punjab reached 306 for two in their first innings, taking a crucial 101-run lead over Odisha on day 2 of a Group A Ranji Trophy match in Mohali on Monday.