"Kasturba Panda ki Pantie" is the story of a frustrated wife of failed businessman Ranjan Panda. Ranjan, a compulsive gambler, realizes that he must let out the guest room of his Sundar Nagar apartment in order to recover his monetary losses. He puts the room on rent but fails to attract prospective tenants, until, one day the famed Sundar Nagar Diwali Mela comes along. Bollywood’s bad-boy Salman Khan is poised to make an appearance at the event and Kasturba, being a huge Sallu fan rushes to the mela to catch a glimpse of the superstar. As she stretches on her tiptoes to get a good view of the man, her petticoat and panties slip off. Chaos ensues. And all of a sudden, the number of parties ‘interested’ in taking up Ranjan’s rental offer skyrocket.