The bidding will start with the base price and representatives of the teams will raise the paddle to indicate their interest.
Among the all-rounders, Yusuf Pathan and Colin Monroe went to Hyderabad and Delhi respectively for identical prices of Rs 1.9 crore. Kolkata eventually snapped up the Australian pace spearhead for a whopping Rs 9.4 crore.
The last cricketer of the set, Martin Guptill, went unsold.
The list of players now unsold in the auction, which continues on Sunday, includes West Indian master-blaster Chris Gayle as well as England Test captain Joe Root and his team-mate, Jonny Bairstow.
Last season, Stokes became the highest paid worldwide player in IPL history when he was signed for £1.7 million by the Rising Pune Supergiant franchise.
Punjab opener Manan Vohra, who was in sublime touch in the recently concluded domestic T20 event, got a Rs 1.1 crore deal from Royal Challengers Bangalore. While Delhi Daredevils had Gambhir back in their ranks, Kings XI Punjab signed Yuvraj and he comes back in the lion's den.
Joe Root, the English captain went unsold in his inaugural season.
KL Rahul became the most expensive India player of the day, going for INR 11 crore (USD 1.7m approx) to - yet again - Kings XI. However, KXIP were very happy to rope Ashwin in their squad.
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Shakib Al Hasan sold for Rs. 2 Crores for Sunrisers Hyderabad.
The other big buy among the 16 marquee players was Glenn Maxwell, who was back in the Delhi Daredevils fold after five years for Rs 9 crore (USD 1.41 million) after intense bidding.
Mumbai Indians nearly seemed to have netted Robin Uthappa, an attacking bat and useful keeper, for Rs 6.40 crore until KKR exercised the Right-to-Match.
The remaining players will be auctioned through an "accelerated process" on Day 2.
Jos Buttler, the England batsman-keeper, also went to Rajasthan Royals, for Rs 4.4 crore while Chennai Super Kings - the smartest buyers of the day - bid Rs 2.2 crore for Ambati Rayudu, a handy bat and a reserve if skipper MS Dhoni needs a replacement with keeping gloves.
Former CSK mentor Kris Srikkanth wasn't surprised that Gayle went unsold and CSK didn't go whole hog for Ashwin. But the Kolkata based franchise did not use the RTM option, letting the left-hander return to his hometown.
Dinesh Karthik also got a good price.
Ambati Rayudu, too was a bargain buy at Chennai Super Kings, with the franchise just spending Rs 2.2 crore on the wicketkeeper-batsman. Gayle had set his base price at INR 2 crore (USD 312,500 approx) and Malinga at INR 1 crore (USD 156,000 approx), numbers that were breached several times in the sale of other players during the day. The first player in today's auction, Shikhar Dhawan goes to Kings XI Punjab Rs 5.20 crore. Young Indian Batsmen Karun Nair was sold to Kings XI Punjab for Rs 5.60 Crores.