Priyanka, 35, and Jonas, 25, came down to Mumbai last week, fuelling speculation about their relationship, which none of them have confirmed.
Filmmaker Karan Johar and Indian former cricketer Sachin Tendulkar along with his wife Anjali Tendulkar also graced the ceremony.
Styled by Ami Patel and Sanjay Kumar Dauhaliya, Priyanka wore a red custom saree by Abu Jani - Sandeep Khosla Couture teamed with a strappy sequined blouse.
Priyanka paired her sari with a bracelet and a pair of elegant earrings. Ranbir opted for the monochrome outfit and posed with his friend Ayan Mukherji, While Alia looked resplendent in a pink sari.
However, it was Shah Rukh, who stole the thunder as the photo of King Khan unable to take his eyes off Gauri went viral. But not one of the two couples has made any bones in hiding their affection or closeness - from flirting on social media to being spotted by the paparazzi, they have done and dusted it all.
Priyanka Chopra called Nick Jonas one of her "favourite men" on her Instagram story on June 27.