Germany's Maximilian Kieffer, Thailand's Jazz Janewattananond and Hend were tied for the third spot, three strokes behind Elvira.
"I'm very happy with a 66," Elvira, who was joint leader after the first round, told reporters. "It would be great to start here (winning on the European Tour) but I really don't think about it too much.
"I like the way things are right now with my swing. I like the way I've turned round my season a little bit, let's see what tomorrow brings."
Thomas Pieters, who had a one-shot lead after the second round on Friday, surrendered his advantage with a poor showing on the back nine where he had three double bogeys to finish six-over par.
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Former world number one Ernie Els is four strokes behind Elvira. The South African is tied for sixth with Frenchman Benjamin Hebert, whose seven-under 65 was the lowest round of the day.
(Reporting by Rohith Nair in Bengaluru; editing by Sudipto Ganguly)
