The other big buy at the auction was also an England player, left-arm fast bowler Tymal Mills, who was taken by Royal Challengers Bangalore for a mind-boggling Rs 12 crore.
Also making a splash were young Afghanistan leg-spinner Rashid Khan Arman, who stunned one and all by getting a Rs 4 crore (USD 600,000) bid from Sunrisers Hyderabad, and spin-bowling all-rounder Mohammed Nabi, also going to SRH.
Rajasthan's left-arm pacer Aniket Chaudhary, who has been a net bowler with the Indian Test squad for some time, also bagged a cool Rs 2 crore (USD 298,000) deal from RCB.
Karnataka's young off-spinner Krishnappa Gowtham got a Rs 2 crore (USD 298,000) winning bid from Mumbai Indians.
More From This Section
India discards Varun Aaron fetched Rs 2.8 crore (USD 418,000) from Kings XI Punjab while leg-spinner Karn Sharma was bought for Rs 3.2 crore (USD 477,000) from Mumbai Indians.
It was definitely much less than last year when Negi's Rs 8.5 crore deal with Delhi Daredevils had surprised one and all. But being an Indian player proved to be his advantage.
For senior Test players like Cheteshwar Pujara and Ishant Sharma, it turned out to be an embarrassment as both went unsold at their base prices of Rs 50 lakh and Rs 2 crore respectively.
The day certainly turned out to be a good one for the England players with Stokes hogging the limelight but speedster Tymal Mills wasn't far behind. Both Stokes and Mills ended up entered the million-dollar bracket with the former fetching USD 2.16 million and the latter going for USD 1.8 million.
Pune owner Sanjeev Goenka made it clear that they knew Stokes would go for a big price and they are prepared for the fact that he will not be available to play the full tournament.
"We knew he was going to be expensive. We do believe he is going to be there for the first 14 games and right now we are focussing on first 14, and we are very happy with this. We pretty much knew, we are not going to get him below this price," Goenka told reporters here.
With capable seam bowling all-rounders at a premium, Stokes was in the wish-list of five franchises, who engaged in tough bidding for the player, who is now revered as the world's top all-rounder.
The 25-year-old, who hasn't played franchise cricket till date, has a career strike rate of 134 plus while batting and a bowling economy rate of 8.60 in 77 matches.
Asked whether Pune skipper Steven Smith was consulted in bidding for Stokes, Goenka said everyone including Stephen Fleming have been a part of the decision.
"Steven Smith and Stephen Fleming, everyone has been a part of this decision. This is a very collective and collaborative decision. We actually didn't go for individuals. We looked at the spots and gaps to fill and we did exactly that.
"We needed this kind of an all-rounder in our team. We are reinforcing our core, our playing XI and you would see the rest of the strategy as the day unfolds," Goenka explained.
Delhi and Bangalore continued before Sunrisers entered the fray. But just when it looked that Stokes would go for around Rs 12.5 crore, Pune entered the fray and clinched the deal.
For left-armer Mills, who bowls at 90 mph, what got RCB going was a replacement for Mitchell Starc, who pulled out of the IPL yesterday.
"Bangalore has a very small ground. It favours batsmen -- the average first innings score was 199, and second innings was 190 and therefore, we really needed bowlers, especially with Mitchell Starc's unavailability this edition, and therefore Tymal Mills was a great buy. He suits the playing conditions in Bangalore," RCB chairman Amrit Thomas told reporters.
Daredevils also bought South African paceman Kagiso Rabada for Rs 5 crore after some bidding.
New Zealand fast bowler Trent Boult was picked by KKR at Rs 5 crore (USD 750,000).