Heat oil in a pan and temper with mustard seeds. After it stops spluttering, add the chana dal, urad dal, green chilies, red chili, asafoetida and curry leaves. Saute for a few seconds.
Add the beetroot and salt. Cover and cook on a low flame till done. Stir at intervals and sprinkle water if needed.
Switch off the flame. Add the coconut and coriander leaves. Give it a toss and serve as a side dish with either rice or chapatis. It goes especially well with curd-rice or sambar-rice.