The strongest of the coordinated explosions hit busy districts in the south of the city, the same area targeted two and half years ago by Pakistan-based militants who caused mayhem in a 60-hour siege that left 166 people dead.
Home Minister P. Chidambaram, who arrived at the scene hours after Wednesday night's attack along with forensic experts and anti-terror commandos from New Delhi, earlier told reporters it was "a coordinated attack by terrorists".
The most powerful devices exploded at a wholesale gold market and a district housing diamond traders and jewellery shops in southern Mumbai, while a third blast occurred in a middle-class area to the north.
"It is another attack on the heart of India," said the chief minister of Maharashtra state, Prithviraj Chavan, who described it as a "challenge to Indian sovereignty".
It was not immediately clear who was behind the attacks.
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The home ministry gave the death toll and said 141 injured victims had been taken to 11 city hospitals, many of