k guess after some experimenting and some extensive googling, got a way to substitute 1K for 1000
the exact solution to my problem is as below
Protected Sub Chart1_FormatNumber(sender As Object, e As System.Web.UI.DataVisualization.Charting.FormatNumberEventArgs) Handles Chart1.FormatNumber
If (e.ElementType = DataVisualization.Charting.ChartElementType.AxisLabels) Then
If e.Value > 10000 Then
e.LocalizedValue = e.Value / 1000 & "k"
End If
End If
End Sub
hope this would be useful to others as well.
thanks