Akshay surrendered meekly to Raghav, going down 2-6 3-6 here at the RK Khanna Tennis Complex.
Sixth seed Deepak Vishwakarma and seventh seed Dhruv Pal Singh were the other prominent names to make an early exit from the tournament.
Second seed Vishnu B Prasad, meanwhile, had to put up a tough fight before he could overcome a stiff challenge from Kushan Nath, who stretched him to three sets.
Vishnu got his acts together just in time to make it to the third round with a 6-2 3-6 7-5 win.
In contrast, fourth seed Fatehdeep Singh of Punjab looked in complete control during the 6-1 6-0 mauling of Siddharth Anand.
M Sai Nikhil also edged past Deepak with a 7-5 6-4 win, while Aryan Goves thrashed Dhruv 6-2 6-1.
The 9th seed Raswant Ravi was another big name to be sent packing. He could hardly pose a threat to Dalwinder Singh who strolled into the next round with a 6-4 6-1 win. (MORE)