Battle of Takkolam gave a body blow to the Chola power. The crown prince, Rajaditya was killed in the battle and there was a dynastic chaos in the Chola Empire from 950 to 985 after the king Parantaka died – five kings changed in the duration and the kingdom became an obscure entity from being a major power during that time.
To stop the Rashtrakuta incursions into Chola territory, the crown prince Rajaditya based himself at Takkolam. The showdown happened in 949 AD with Rashtrakuta Krishna and Rajaditya Chola leading their armies. In the middle of the battle, the Ganga king Buttuga, a brother-in-law of Krishna killed Rajaditya which led to the collapse of Chola armies. The Rashtrakuta armies didn’t stop but advanced further into the Chola territories after the battle. The defeat was that absolute that the Cholas lost Tondaimandalam(the core Pallava area) at least for a decade after the battle. It is variously said that Buttuga killed Rajaditya seated on his elephant with a well aimed arrow to treacherously murdering him during peace overtures. The ageing king Parantaka died shortly and with his death came the Choal age of chaos.
There is a reference to the battle added as an annexure to a Rashtrakuta inscription at Atakur. I am seriously not sure who comminssioned this as no king will write in his inscription that he backstabbed his enemy in the battle. Either this is a fake or a Chola addendum to shame the Gangas, long deceased by then. Another possibility is a mischievous translation by some European.
The addendum is reproduced before.