A ship had left the shores of Dwaraka. With the other cargo had been kept some mounds of ‘Gopichandana’ (sandalwood paste). When the ship was on the sea-shores of Malpe, a storm broke. The ship hit a boulder, broke and sank.

One day, Acharya Madhwa awoke from his meditation and suddenly left  for the shore of Malpe. There he got men to fish in the wasters and they brought up an idol of Sri Krishna from the sea-bed. The Acharya installed it at his Mutt in Udupi and worshipped Him for several years.