Which of the following is NOT true about 'Nalayira Divyaprabandham'?

It is known as Telugu Veda

The correct answer is option 2 - It is known as Telugu Veda.

Option 1- It is a compilation of devotional literature.
Option 2- It is known as TAMIL VEDA, not Telugu Veda
Option 3- Its literal meaning is "Four Thousand Sacred Compositions"
Option 4- All of the above 

The importance of the traditions of the Alvars and Nayanars was sometimes indicated by the claim that their compositions were as important as the Vedas. For instance, one of the major anthologies of compositions by the Alvars, the Nalayira Divyaprabandham, was frequently described as the "TAMIL" Veda, thus claiming that the text was as significant as the four Vedas in Sanskrit that were cherished by the Brahmanas.

By the tenth century the compositions of the 12 Alvars were compiled in an anthology known as the Nalayira Divyaprabandham (“Four Thousand Sacred Compositions”).