The IPL auction has begun in Chennai. Ricky Ponting is the first player to go under the hammer. He goes to Mumbai Indians for base price of 400,000 US Dollars or 2.1 crore rupees. Indian pacer R P Singh was also bought for 400,000 Dollars by Royal Challengers Bangalore. South African all-rounder Johan Botha goes to Delhi Daredevils for base price of 450,000 Dollars or 2.3 crore rupees. Australia's Michael Clarke has been bought for base price of 400,000 Dollars by Pune Warriors while Australian batsman Luke Pomersbach bought for 300,000 Dollars or 1.5 crore rupees by Kings XI Punjab. Australian all-rounder James Faulkner has been bought for 400,000 Dollars by Rajasthan Royals.