It is beleived that Lord Shiva did penance at Manimahesh at a height of 18,000 ft and the holy water from his hair fell into the Dal Lake and for this reason the Dhruveshwar temple and Dal Lake find mention in the Shiv Maha Puran and also the Jullandhar Peeth Dipika as the Mini Manimahesh. It is believed that those who cannot travel to Manimahesh for a pilgrimage can also take a holy dip in the Dal Lake. Every year 15 days after Krishna Janmashtmi, during Radhashtmi a fair is held at the dal lake. People from nearby villages throng to this fair.