One of my cousins is a student of IIM Indore. Let me share his experience which might give you a basic idea. 

He says that you can definitely leave the IPM program after the initial 3 years, but it will not reap benefits at the end of the day. Your choice can allegedly become futile.

You can undeniably leave following the initial 3 years of the IPM program, but because it is an integrated 5-year course, you are not supposed to receive any sort of certification or testimonial after the completion of the first 3 years of your study program. 

You will significantly have to leave with an IGNOU degree and 3 years of IPM education that is not vitally certified or even recognized. Leaving a course midway will definitely not be helpful, since the only accessible certification you will go on to receive is from IGNOU. It can possibly be extremely difficult to further acquire admission in any other renowned B-school following your dropout. Thus, leaving mid-course is not highly recommended.