The lyrics of the song, about a failed romance, are sung in a combination of Tamil and English.
"Yo boys I am sing song, soup song, flop song. Why this Kolaveri Kolaveri Kolaveri Di, Why this Kolaveri Kolaveri Kolaveri Di," sings actor Dhanush.
The viral hit from upcoming release 3, has notched up over 3 million hits since debuting on November 16.
The tag 'Kolaveri' has been a top trend in India on Twitter and has had more than a million shares on Facebook.
The music video features actor-playback singer Dhanush, with his wife Aishwarya Rajinikanth, composer Anirudh and Tamil and Hindi star Shruti Hassan.
Amitabh Bachchan was one of a number of celebrities to praise the unexpected hit.
"Just heard #Kolaveri after much talk on it ... its so original and catchy ..congrats Dhanush and Aishwarya (Rajni's daughter) .. love (sic)," posted the veteran star.
Watch the video for 'Why This Kolaveri Di?' below: