The 31-year-old Sundar and Niveditha were trapped inside their car when it caught fire after hitting a roadside tree. The couple was charred to death inside the vehicle, the police said.
The burning of the car was streamed live on Facebook which instantly went viral on social media.
Police officials claimed over-speeding was the reason behind the crash.
Fire and rescue services personnel from Mylapore also rushed to the spot but it took around half-an-hour to put out the flames.
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In 2006, he was adjudged Champion of Champions in India after winning the 115cc 4-stroke and 150cc 4-stroke titles. He had signed a deal with German racing team Ma-Con Motorsport and drove in the German Formula Volkswagen ADAC Championship in 2008.
As recently as in 2012 and 2013 he became the country's undisputed F4 champion as well.
FMSCI president and former race driver Akbar Ebrahim wrote on his Twitter feed: "It's a sad day for motor sports. I knew Ashwin since he was an infant and I saw him excel in all formats of the sport. May his and his wife's soul rest in peace."
FMSCI's chairman - Two-wheeler Racing Commission and former national rallying champion co-driver Sujit Kumar told PTI, "Ashwin was one of the best racing talent India has ever had, be it go karting, bike racing or car racing. He was also a wonderful human being. I am fortunate to have spent a lot of time together, managing him during our Yamaha Racing days. My deepest condolences to his family."