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Sometime ago while reading one of the stories in a magazine, i came across a story narrating about a horse emerging out of a yagna, and is said to be blazing in fire and is currently under the oceans.

I am not sure of the magazine i came across and i am skeptical of the story that i read.

Is the story true by any means? If the story is true, is there a reference to the entire story and name of the horse.

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As per the Puranic legend the name of such a mystical horse was : Uchchaihshravas

The legend states that the first horse emerged from the depth of the ocean during the churning of the oceans. It was a horse with white color and had two wings. It was known by the name of Uchchaihshravas. The legend continues that Indra, king of the devas, took away the mythical horse to his celestial abode, the svarga (heaven). Subsequently, Indra severed the wings of the horse and presented the same to the mankind. The wings were severed to ensure that the horse would remain on the earth (prithvi) and not fly back to Indra’s svarga.

Other Legends and textual references

The Mahabharata mentions that Uchchaihshravas rose from the Samudra manthan ("churning of the milk ocean") and Indra - the god-king of heaven seized it and made it his vehicle (vahana). He rose from the ocean along with other treasures like goddess Lakshmi - the goddess of fortune, taken by god Vishnu as his consort and the amrita - the elixir of life.2 The legend of Uchchaihshravas, rising from the milk ocean also appears in the Vishnu Purana, the Ramayana, the Matsya Purana, the Vayu Purana etc. While various scriptures give different lists of treasures (ratnas) of those appeared from the churning of the milk ocean, most of them agree that Uchchaihshravas was one of them.

You can read more about it here

Reference: Here

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