Panakkaari was based on Russian writer Leo Tolstoy's novel Anna Karenina. It was directed by K. S. Gopalakrishnan[a] under the technical supervision of Newtone Studio founder Jiten Bannerjee.[2]
Panakkaari was released on 1 May 1953.[4] According to historian Randor Guy, the film failed at the box office "mainly because of its ‘anti-sentimental’ storyline". During the same period, another film, Pitchaikkari, became a major commercial success; people in Madras would often joke, "Those who bought Panakkari became pitchaikkaarans (beggars), while buyers of Pitchaikkari became panakkarans (rich men)!"[2]