पत्राध्वर्युपरिषदश्च

Operational rule vidhi

After a word denoting a draught-animal and after the words 1. अध्वर्यु and 2. परिषद् the affix अञ् is added.

Word by word (padaccheda)

Left context पत्र- अध्वर्यु- परिषदः pañcamī · ekavacanaIndeclinable च avyaya

Left context Pañcamī (5th case): "after X", the operation applies to what follows (1.1.67 तस्मादित्युत्तरस्य). Also used for limits and sources.
Indeclinable An avyaya such as च "and", वा "optionally", न "not".

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Full reading

पत्र-अध्वर्यु-परिषदः च

Pāṇini leaves out words that carry over from earlier sūtras. Expand to see the rule as a reader actually understands it.

Commentary

After a word denoting a draught-animal and after the words 1. अध्वर्यु and 2. परिषद् the affix अञ् is added.
This debars अण् ॥ The पत्रं means वाहनं ॥ When the sense is that of a thing to be carried, then is अञ् added to a word denoting 'a draught-animal.' Thus अश्वस्येदम् वहनीयम् = आश्वम् 'a load to be or suited for being, carried by horse.' So also औष्ट्रम्, गार्दभम् ॥ So also आध्वर्यवम् and पारिषदम् ॥

Śrīśa Chandra Vasu, The Ashtadhyayi of Panini (1897), via ashtadhyayi.com.