As per Hindu legend, Varuna, the guardian deity of the west and sage Romasa are believed to have worshipped Vishnu at this place. The beehive in the temple is believed to be devas worshipping Vishnu and in modern times, has special rituals performed for it. Shiva is believed to guard the four corners of the temple. As per another legend, when the Ocean of milk was churned by Asuras and Devas, various objects emerged from it. At the end of it, Lakshmi, the consort of Vishnu emerged and was too shy to look at Vishnu. She went on to Thirukannamangai to perform penance seeking the hands of Vishnu for marriage.
The festival deity of the temple is called Perum Purak katal as he is believed to have left his place to marry her. Local legend marks the places as Lakshmi Vanam, the forest where Lakshmi performed her penance.
Sri Garuda Bhagwan, the celebrated vehicle of Lord Vishnu in the temple is colossal in size gracing the devotees. Those seeking removal of obstacle in wedding proposals, child boon and job seekers go ound Him for realizing their wishes.