Lalita Sharma, a resident of Aligarh in Uttar Pradesh and Suresh Kumar, a native of Gaya in Bihar drowned in near Seobagh, about 5-km from Kullu, police said.
According to the police, three couples were on the raft sailing from Babeli to Seobagh when it overturned suddenly.
The guides on the raft managed to rescue four persons, but two of them drowned in swirling waters of turbulent Beas.
The bodies were fished out and sent for post mortem to regional hospital Kullu and a case has been registered.