Vasanthsena (Rekha), a courtesan falls in love with Charudatta (Shekhar Suman), a married man and they have an affair. The king's brother-in-law kills Vasanthsena, when she refuses to submit to him. What happens to Charudatta and the other characters after her death?

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The ancient house in which the movie Utsav was shot is in Udupi, Karnataka. It is called Shettibettu.