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Yes, a minor can also be punished for ragging. For example, if a 17 year old threatens to beat someone up unless he/she sings a song in front of the class, it is ragging.
If you rag anyone as a minor, you may be subjected to administrative punishment as mentioned here, such as expulsion from the college.
In case of a serious incident, you may be punished with a more severe penalty, under the Juvenile Justice (Care and Protection of Children) Act, 2015, which is the law1 that regulates the punishment of minors in case of an offence. Generally, under this law, the Juvenile Justice Board determines how a minor found guilty of an offence will be punished and rehabilitated.