As per Hindu legend, a demon king named Somukan stole all the Vedas from the Devas and all the sages were worried. They appealed to Vishnu, who appeared as Ranganatha at this place to emerge from water to rescue the scriptures. He is also believed to have advised Brahma at this place. As per another legend, a king named Surakeerthi who was childless worshipped Vishnu at this place to get children. Chandra, the moon god, lost all his glow on account of a curse he incurred. The celestial deities advised him to worship Vishnu at this place. He established a tank and worshipped Ranganatha with the holy waters and believed to have been relieved off his curse. The temple tank, Chandra Pushkarani, is believed to be the tank he established.