The event, which was held at Cinemax in Andheri (West), saw a lot of music, masti and mazaa.
The Mary Kom actress, who plays Kashibai, Bajirao's (Ranveer') wife in the film, evaded every tough question with a lot of diplomacy and finesse.
When asked about the Sanjay Leela Bhansali movie's box-office clash with Shah Rukh Khan-starrer Dilwale -- both are releasing on December 18 -- she said: "I don't think we are competing with anyone. Both films are different; it has been turned into a competition by everyone else. We have Rao and Mastani and I don't think it's necessary to say anything more about our movie."
PeeCee also ducked a query on whether Ranveer and Deepika Padukone (Mastani) can recreate the Salman Khan-Aishwarya Rai magic, since they were reportedly the original choices for the historical romance.
"I don't have so much time to think, but to answer the question, nobody can play the title roles better than Ranveer and Deepika. Also, it doesn't matter who all are approached for a film; what matters is who finally acts in it," she explained.
So, was she ever tempted to play Mastani? "I was the first actor to be approached for this film and I always knew I would be playing Kashibai. But yes, I would have loved to play either Bajirao or Mastani," Priyanka said, laughing.
While both Bajirao and Kashibai attended the launch, Mastani couldn't make it.
The event saw a lot of fun on the stage. When Priyanka was asked to perform to the Pinga song, she asked female reporters to join her.
She also grooved to the song with a group of professional dancers, who have performed in the film as well.
When PeeCee called Ranveer to match steps with her, he said, "It's a very difficult song to dance to. Both Deepika and Priyanka have done an amazing job, hats off to them."
The event was hosted by Hindi-Marathi actress and accomplished dancer Amruta Khanvilkar.
Earlier in the day, Ranveer launched Malhari, which is a victory song, amid much fanfare in Bhopal.
Image Source: Manav Manglani