The biggest player exchange in IPL history is now official. On Wednesday, 11 November, the IPL confirmed that all-rounder Hardik Pandya has moved from Mumbai Indians to Punjab Kings, while left-arm pacer Arshdeep Singh goes the other way. The two franchises had been reported to be close to a deal; the league's statement made it final ahead of IPL 2027.
The money
Pandya joins Punjab at a fee of Rs 18 crore, up from his existing Rs 16.35 crore. Arshdeep moves to Mumbai at an unchanged Rs 18 crore, according to the IPL statement quoted by NDTV Sports and The Federal. NDTV Sports explained that a transfer fee is a bilateral agreement between two franchises and is separate from the retention fee, which is the salary paid to a player. The two teams agreed that Pandya's fee would go up by Rs 1.65 crore. Under existing rules he receives 50 per cent of that hike and the rest goes to Mumbai Indians.
This is not the only big trade of the window. NDTV Sports noted that Chennai Super Kings had earlier acquired Sanju Samson for Rs 18 crore from Rajasthan Royals, who received Ravindra Jadeja for Rs 14 crore and Sam Curran for Rs 2.4 crore from CSK.
Pandya's Mumbai chapter ends
Pandya, 33, first joined Mumbai in 2015 and was part of title-winning squads in 2015, 2017, 2019 and 2020. He moved to Gujarat Titans for Rs 15 crore in 2022 and led them to the title in their first season, with another final in 2023. He returned to Mumbai in 2024 and took over the captaincy from Rohit Sharma. Reports say the team struggled afterwards and that he was booed by fans in the first season back. By 2026, NDTV Sports wrote, things had gone downhill, with stories of dressing-room dissension. Mumbai won only four of 14 matches last season, and Pandya missed the closing stages because of fitness concerns.
Across 162 IPL matches he has scored 2,955 runs at a strike rate of 146.28 and taken 82 wickets.
Arshdeep's arrival
Arshdeep, 27, made his IPL debut in 2019 and spent eight seasons with Punjab. With 111 wickets in 96 matches, he is the franchise's all-time leading wicket-taker. He took 21 wickets in 2025 and 14 this year. The Federal also notes he is India's leading wicket-taker in T20 internationals, with 151 wickets in 104 matches.
What they said
Mumbai Indians owner Akash Ambani said Pandya had shared "very special moments" with the franchise and wished him the best. On Arshdeep, he said the bowler adds "an exciting dimension" to the attack. Pandya himself posted on Instagram, calling Shreyas Iyer "my captain" and and writing "My Coach. Ricky." in the same post, The Federal reported. Punjab Kings thanked Arshdeep for "endless memories" in their own statement.
Why it matters
For Punjab, who now have Iyer as captain, Pandya adds a proven all-rounder who can bat in the middle order and bowl. For Mumbai, the deal solves a bowling question but opens a leadership one. NDTV Sports says it is being widely speculated that Rohit Sharma will return to captain the side for what could be his final season, with Tilak Varma as deputy and long-term successor. Mumbai has not confirmed this, and Outlook India lists several other contenders, so treat the captaincy as open until the franchise announces it.
What next
The next milestone is the 2027 retention and auction cycle. Separately, NDTV Sports reported that the BCCI has responded to talk of a 12-team IPL and a bigger team purse, which we will cover when details are clear. Watch for Mumbai's captaincy announcement in the coming weeks.
