Even if the length of the data is fixed you still need to define all VARCHARs for a VARTEXT import.
Your script should work as-is.
But you don't want to load the column name and the title dashes. And this is probably the cause for this error, a column name is larger than 5 chars.
Try
.import vartext '|' file="/home/elavarasan/bteq_test/test.DAT" , skip = 2Dieter
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