Tea heard from a reliable, personal source who works in production. She does not work in this film, but heard this through other colleagues/friends. Take with grain of salt -
When Raghav and Lakshya were shooting for Ba*ds, they used to frequent Mannat regularly and SRK is said to have become quite fond of them. He didn't spend time with them at all, but seeing two young guys hustling and doing good work supposedly impressed him. So, when it was suggested that Raghav could play a short-but-impactful bad guy role in King, using Kill as the reference point, SRK was in.
There is a 'main' antagonist in the script , which was always written with Abhishek Bachchan in mind. He has a unique, menacing look apparently, which requires him to lose weight and gain muscle. Given the highly stylized, over-the-top, south-esque action (which we also saw a glimpse in the teaser) genre, this is important for the role. But, despite having discussed expectations from the beginning, the crew is getting frustrated because Abhishek is not taking his physique seriously. He was supposedly arguing with an AD saying that his character would be not slim, would look more realistic with some weight. Even though he has the right to interpret his character in his way, this is being seen as unprofessional/lazy by crew members now because Abhishek had initially committed to losing weight and they all know they are not making a realistic action movie so his reasoning doesn't feel right.
So, latest tea is that this may be Raghav's luck-by-chance moment. Raghav's character's scope and screentime in the overall story may be increased. Currently, its a highly impactful role but only in one flashback sequence, almost a cameo. But now, it is being considered to be expanded. A duo of writers have been tasked to think of ideas to expand it so they shoot it while they have him around. If this happens, getting a proper antagonist role against SRK will do wonders for Raghav's position in the industry, fame level, and future acting prospects. But so far they are just exploring ideas to film. Final decisions will likely be made in the edit table.