Bhashya
तत्रैवं सति राजनि तस्मिन्धर्मकाले हर्म्यतलस्थे अथ हहंसा निशायां रात्रौ अतिपेतुः ।ऋषयो देवता वा राज्ञो-ऽन्नदानगुणैस्तोषिताः सन्तः हंसरूपा भूत्वा राज्ञो दर्शनगो-चरे अतिपेतुः पतितवन्तः ।तत् तस्मिन्काले तेषां पततांहंसानाम् एकः पृष्ठतः पतन् अग्रतः पतन्तं हंसमभ्युवादअभ्युक्तवान्— हो होयीति भो भो इति संबोध्य भल्लाक्षभल्लाक्षेत्यादरं दर्शयन् यथा पश्य पश्याश्चर्यमिति तद्वत् ; भ-ल्लाक्षेति मन्ददृष्टित्वं सूचयन्नाह ; अथवा सम्यग्ब्रह्मदर्शना-भिमानवत्त्वात्तस्य असकृदुपलब्धस्तेन पीड्यमानोऽमर्षितया तत्सूचयति भल्लाक्षेति ; जानश्रुतेः पौत्रायणस्य समं तुल्यं दिवा द्युलोकेन ज्योतिः प्रभास्वरम् अन्नदानादिजनितप्रभावजम् आततं व्याप्तं द्युलोकस्पृगित्यर्थः ; दिवा अह्ना वा समं ज्योतिरित्येतत् ; तन्मा प्रसाङ्क्षीः सञ्जनं सक्तिं तेन ज्योतिषा संबन्धं मा कार्षीरित्यर्थः ।तत्प्रसञ्जनेन तत् ज्योतिस्त्वा त्वां मा प्रधाक्षीः मा दहत्वित्यर्थः ; पुरुषव्यत्ययेन मा प्रधाक्षीदिति ॥
In plain words
While the king was resting on his palace terrace during that peaceful night, some sages—or perhaps gods—who were highly pleased with the king's immense charity of distributing food, took the form of swans and flew across his field of vision. As they flew, one swan gliding behind called out to the leader in front: 'Ho! Bhallākṣa, Bhallākṣa!' just as one might say, 'Look, look, what an amazing thing!' He called him 'short-sighted' to point out his lack of vision; or perhaps, annoyed by the king's pride in his own spiritual learning, he used this term out of sheer impatience. He warned: 'The light of King Jānaśruti, born of his vast charity, shines as bright as the heavens. Do not cross its path, lest its brilliant glare blind or consume you.'
Close to the Sanskrit
That being so, while that king was on the palace terrace during the time of righteousness, then indeed swans flew across in the night, in the nighttime. Sages or deities, being pleased by the king's virtues of food-giving, having assumed the form of swans, flew across, i.e., flew, within the range of the king's sight. At that time, of those flying swans, one flying from behind addressed the swan flying in front: 'Ho, hoyi!' addressing him as 'Sir, Sir', and showing respect as if saying 'Look, look, what a wonder!', thus 'Bhallākṣa, Bhallākṣa'; he says this indicating his dullness of vision; or, because of the king's pride in having the complete vision of Brahman, being repeatedly observed by him and pained by it, he indicates that out of impatience, 'O Bhallākṣa'; the light of Jānaśruti, the grandson of Putrāyaṇa, which is equal to, i.e., similar to, the day, i.e., the heaven-world, which is brilliant, born of the power produced by giving food, etc., and is spread, i.e., pervading, meaning touching the heaven-world; or, light equal to the day; therefore, do not cling to, do not make connection with that light, that is the meaning. By contact with that, may that light not burn you, may it not burn you, that is the meaning; by transposition of person, 'mā pradhākṣīḥ' is used for 'mā pradhākṣīt'.