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The correct answer to the given question is option 4: Krishnala. The famous Kailasa temple at Ellora was executed during the reign of the Rashtrakuta King Krishnala.
Option 1: Amoghavarsha I was also a Rashtrakuta King, but he ruled much earlier and is not associated with the construction of the Kailasa temple.
Option 2: Govinda III was another Rashtrakuta King who ruled after Krishnala, but he is also not connected to the building of the Kailasa temple.
Option 3: Indra III was the son of Govinda III and he ruled after his father. However, he is not associated with the construction of the Kailasa temple.
Therefore, the correct answer is option 4: Krishnala. It is important to note the distinction between the different Rashtrakuta kings and their respective time periods to accurately answer this question.