Yes. The main low-cost carrier operating direct/budget flights between Colombo (Bandaranaike CMB) and Chennai (MAA) is IndiGo — multiple daily nonstop services, about 1h20m each. (info.flightmapper.net)

Other airlines that fly the route include full-service carriers SriLankan Airlines and Air India (so you’ll see both budget and full-service options on aggregators). (flightroutes.com)

One note: SpiceJet has operated this route at times but its service has been intermittent, so check current schedules before booking. (flightsfrom.com)

Typical one-way fares vary a lot by date/season — aggregator listings show IndiGo fares often among the cheapest (examples in the ~USD 80–140 / INR ~7,500+ range depending on timing and sales). If you want, I can look up exact flights and prices for specific travel dates. (trip.com)