I think you are missing something. 
Check the strength of Punjab Assembly and distribution of seats.
Here are the figures of elected assembly seats:
PPP …= .82
PMLN = 110
PMLQ..= .67
MMA .= …2
PMLF = …2
Ind …= .33
Total = 296
So, PMLN got 110 seats out of 296 contested Punjab seats. As far as votes are concerned, PMLQ got the highest number of votes in Punjab, PMLN got second highest and PPP came third, though all 3 parties got around more or less 5 million votes in Punjab, each out of around 20 million cast votes (or around 25 percent votes each).
After election, it was agreed that a coalition government (PPP + PMLN) would be formed in Punjab and that made many independent candidates join PMLN, as it was expected that in coalition, PMLN would be given lead role in government. Thus after election, 4 Ind joined PPP and 25 joined PMLN … though still they contested election as independent candidate, but joined parties just to be in government.
As the election result shows, two out of 3 major parties have to make coalition to form government. Since PPP has decided to ditch PMLN, coalition government in Punjab became defunct, and thus governor rule was imposed. Now governor is waiting for a declaration by any two parties from PPP, PMLN and PMLQ to make coalition and form government. Since no two parties has come together yet, governor is ruling Punjab.