As per Hindu legend, Chakra (also called Sudarshana), the discus, is the most powerful weapon of god Vishnu. He once sent his weapon to nether world to kill king Jalandasura. The weapon is believed to have come out of the nether world through river Kaveri. God Brahma, who was taking bath in the river, got impressed and installed the image of Sudarshana in the place where the temple is now located. Surya, the Sun god, who was glowing in brilliance, had his brightness diminished by the effulgent Sudarshana. Surya worshipped Sudarshana and pleased by his devotion, Sudarshana restored all the powers of Surya. Vishnu attained the name Chakrapani from then on. Surya wanted the town to be named after him and pleased by his devotion, Chakrapani named the city as Bhaskara Kshetra. It is believed that Surya worshiped Chakrathazhwar during Masi Magam and every year Masi Magam festival is celebrated during the day, commemorating the event. The temple car is drawn around the streets of the temple during the day.