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The left-arm spin-bowling all-rounder was picked up for Rs 20 lakh by KKR in the IPL auction.
Raina, who had a base price of Rs 2 crore, went unsold in an IPL auction for the first time.
Avesh Khan got a Rs 10 crore contract with Lucknow Super Giants.
The 39-year-old right-arm pacer was overlooked in the IPL auction. Sreesanth, who had a base price of Rs 50 lakh, evinced no interest from the 10 teams.
The 28-year-old from Pathanamthitta had a base price of Rs 20 lakh and had gone unsold on the opening day.
The teams went big on current India players and largely based their decision on the form players from overseas with more focus on fast bowlers, not caring about reputations.
English all-rounder Livingstone went to Punjab Kings for Rs 11.5 crore - the biggest buy of the day.
Kerala wicketkeeper-batters Vishnu Vinod and Mohammed Azharuddeen went unsold on the opening day of the auction.
Ashwin and Buttler will play for Royals, while Hooda and Krunal were bought by Lucknow Super Giants.
Shreyas Iyer got a staggering Rs 12.25 crore deal from Kolkata Knight Riders and the multi-skilled Shardul Thakur made Delhi Capitals break the bank with a Rs 10.75 crore bid.
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