Hardik Pandya is leaving Mumbai Indians for Punjab Kings, and Arshdeep Singh is going the other way to Mumbai. The IPL confirmed the trade on Wednesday, 11 November, after the BCCI gave its formal go-ahead around midday. It is the biggest player exchange in IPL history. Hardik moves at a trade fee of Rs 18 crore. Arshdeep moves at Rs 18 crore too — but the two figures are not the same story.
Updated: 12 November 2026, 09:50 IST
Quick Read
- Hardik Pandya moves from Mumbai Indians to Punjab Kings at a trade fee of Rs 18 crore. Arshdeep Singh moves from Punjab Kings to Mumbai Indians at Rs 18 crore.
- The Rs 18 crore is a TRADE FEE, not a salary. Hardik’s fee rose from Rs 16.35 crore — a hike of Rs 1.65 crore. Hardik gets half of that hike, and Mumbai Indians keep the other half, per IPL rules.
- Arshdeep’s fee did not change. He leaves Punjab after 8 seasons as their highest wicket-taker, with 111 wickets in 96 matches.
What the trade fee really means
First, the part most headlines skip. The Rs 18 crore is a trade fee, not the player’s salary. A trade fee is what one team pays to buy a player from another team. It is a deal between the two teams. The player’s own contract, or retention fee, is a separate thing. News agency PTI made this clear: the transfer fee is a bipartite agreement between the two franchises, and it stands apart from the retention fee.
That is why the two Rs 18 crore numbers are not equal. Hardik’s trade fee went UP to reach Rs 18 crore. It was Rs 16.35 crore before. The rise is Rs 1.65 crore. Under IPL rules, the player gets 50% of any such hike. So Hardik pockets about Rs 82.5 lakh of the rise, and Mumbai Indians keep the other half. Arshdeep’s fee did not move at all. His trade fee was already Rs 18 crore, and it stays Rs 18 crore.
So do not call this a swap for equal money. The headline figure is the same on both sides, but Hardik’s price rose to get there and Arshdeep’s did not. One report put Hardik’s old fee at Rs 16.5 crore. The IPL’s own statement says Rs 16.35 crore, and this post uses that figure.
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Why Hardik is leaving Mumbai
Hardik ends his second stint with Mumbai Indians. He won four IPL titles with the team in his first stint, then returned and took over as captain. He led the side for the last three seasons: last place in 2024, a playoff spot in 2025, and ninth place in 2026. The trade closes that chapter.
Mumbai had other options. Kolkata Knight Riders and Rajasthan Royals had both explored a deal for Hardik, per The Times of India. In the end, Punjab Kings got him. Punjab were the 2025 finalists, and they now add a big-match all-rounder and a former title-winning captain to a side that came one step short last season.
Both teams posted farewell and welcome messages on X on 11 November. The deal was first reported days ago, but it only became official once the BCCI signed off. Cricbuzz had reported on 10 November that the trade had got its formal go-ahead.
Why Arshdeep matters so much to Mumbai
Arshdeep Singh leaves Punjab after eight seasons. He joined the side in 2019 and stayed through thick and thin. He is Punjab’s highest wicket-taker in the IPL, with 111 wickets in 96 matches. He is also India’s leading wicket-taker in T20 internationals. Mumbai are getting a left-arm fast bowler who swings the new ball and holds his nerve at the death.
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What happens next
The trade comes ahead of IPL 2027, the 20th edition of the league. The retention and trade window is open, so more moves may follow before the auction. Punjab must find a new lead bowler. Mumbai must find a new captain, with Rohit Sharma tipped to take the job back.
The trade also sets up a tasty fixture next season: Hardik facing his old team, and Arshdeep bowling to his old mates. Both men will have a point to prove. The first MI vs PBKS game of IPL 2027 will be one to circle on the calendar.
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FAQ
Is the Rs 18 crore Hardik’s salary?
No. It is the trade fee — what Punjab Kings pay to buy Hardik from Mumbai Indians. The player’s contract or retention fee is separate. PTI notes the transfer fee is an agreement between the two teams, apart from the retention fee.
Why is Hardik’s fee called a rise if Arshdeep’s is also Rs 18 crore?
Because Hardik’s fee went up from Rs 16.35 crore to Rs 18 crore, a hike of Rs 1.65 crore. Hardik gets 50% of that hike (about Rs 82.5 lakh) and Mumbai Indians keep the rest, per IPL rules. Arshdeep’s fee was already Rs 18 crore and did not change.
When will the trade take effect?
The trade is confirmed for IPL 2027, the 20th edition of the league. Both players will turn out for their new teams next season. More trades may follow in the window before the auction.
Desk-original added context
Our own table of what each team gains and loses. Punjab Kings gain: a power-hitting all-rounder, a former IPL title-winning captain, a big-match player with four titles at Mumbai, and a leader for a side that reached the 2025 final. Punjab Kings lose: their highest wicket-taker ever (111 wickets in 96 matches), their most reliable death bowler, and eight seasons of loyalty from one man. Mumbai Indians gain: India’s leading T20I wicket-taker, a left-arm pacer for the powerplay and the death, and a 27-year-old in his prime. Mumbai Indians lose: their captain of the last three seasons, a four-time title winner with the club, and a match-winner with bat and ball. Our own maths on the money: Hardik’s fee rose Rs 16.35 crore to Rs 18 crore, up Rs 1.65 crore (about 10.1%); Hardik keeps about Rs 82.5 lakh of the hike and Mumbai keep the same. Arshdeep’s fee is unchanged at Rs 18 crore. Our own timeline: 10 November — Cricbuzz reports the formal go-ahead; 11 November — IPL confirms the trade, both teams post on X; IPL 2027 — both men play for their new teams.
Sources
- The Times of India — IPL: Hardik Pandya, Arshdeep Singh swap jerseys (12 Nov, 200 verified; IPL statement as primary)
- The New Indian Express — Hardik Pandya traded to Punjab Kings for Arshdeep Singh in IPL’s biggest player exchange (11 Nov, 200 verified)
- Cricbuzz — Hardik Pandya-Arshdeep Singh IPL trade gets formal go-ahead (10 Nov, 200 verified)
Sasanka Sekhar Pradhan is the founder of India Presents, an India-focused news site. He covers daily box-office trackers, India news, economy explainers, sports previews and festival guides — in simple English, so readers across India can follow fast-moving stories without jargon. His focus is what a story means for the reader: the number that matters, the source behind it, and what happens next. India Presents publishes daily, with day-trackers updated as new figures come in.
