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Stokes was a part of Rajasthan Royals squad during the 2021 edition and during the postponed first leg, he fractured his finger and was ruled out of the tournament.
South African all-rounder Chris Morris fetched a whopping Rs 16.25 crore to become the biggest ever buy in IPL history.
"I don't want my body to fail me, or be a bit bruised mentally or physically going into the end of the year which includes the (Twenty20) World Cup, Ashes and a big series against India," said the England pacer.
The 21-year-old, son of iconic former captain Sachin Tendulkar, got a major fillip on Thursday when he was bought by Mumbai Indians at his base price of Rs 20 lakh.
Punjab Kings had the maximum available salary cap of Rs 53.20 crore prior to the beginning of the auction.
The wicketkeeper-batsman was bought by RCB for his base price of Rs 20 lakh.
Kiwi all-rounder Kyle Jamieson went to RCB for Rs 15 crore, while Australian all-rounder Glenn Maxwell too was picked up by the Virat Kohli-led franchise for Rs 14. 25 crore.
Kerala's outstation professional Jalaj Saxena was picked up by Punjab Kings for his base price of Rs 30 lakh.
The big-hitting Tamil Nadu player was bought for Rs 5.25 crore by Punjab Kings in the IPL auction.