taṁ vatsa-rūpiṇaṁ vīkṣya
śanair mugdha ivāsadat
tam—unto the demon; vatsa-rūpiṇam—assuming the form of a calf; vīkṣya—seeing; vatsa-yūtha-gatam—when the demon entered the group of all the other calves; hariḥ—the Supreme Personality of Godhead, Kṛṣṇa; darśayan—indicating; baladevāya—unto Baladeva; śanaiḥ—very slowly; mugdhaḥ iva—as if He did not understand anything; āsadat—came near the demon.
When the Supreme Personality of Godhead saw that the demon had assumed the form of a calf and entered among the groups of other calves, He pointed out to Baladeva, “Here is another demon.” Then He very slowly approached the demon, as if He did not understand the demon’s intentions.
The import of the words mugdha iva is that although Kṛṣṇa knows everything, here He pretended that He did not understand why the demon had entered among the calves, and He informed Baladeva by a sign.
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