Even better, now I just found that travel agents in Colombo have access to a Jet Airways "Z" class business class fare. For CMB-MAA-DEL-MAA-CMB it's about $300US less than the fares you are probably seeing for CMB-DEL-CMB on UL. The question is whether the connect and stopovers is worth the savings and avoiding a short redeye...
The fare we got for this routing on Jet is Rs 83600 + Tax Rs 15425