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Sameer Verma squandered a first game advantage to go down fighting 21-16, 18-21, 14-21 to former world champion and world No.1 Viktor Axelsen of Denmark.
Srikanth, who had a title-less run last season after the high of winning four tournaments in an incredible 2017, suffered his sixth straight loss to the Japanese.
Eighth seeded Saina is expected to take on her nemesis and two-time champion Tai Tzu Ying of Chinese Taipei while the 26-year-old Srikanth will face world no 1 Kento Momota of Japan.
For the reception, Saina and Kashyap were spotted in matching royal blue Sabyasachi ensemble.
Results 121-124
