But inasmuch as thou dost not regard this wreath, which is the abode of Auspiciousness,—and as, bowing down the head, thou hast not, said,—Thy favour!—nor, with thy cheeks beaming with delight, hast thou placed it on thy head,—as, in (brief), thou dost not pay high homage to this garland given by me,—O fool, thy celestial prosperity shall depart from thee. Surely, O Sakra, me thou deemest like other twice-born ones; and therefore, thou thinking immensely of thyself, hast thus slighted me.

In plain words: Durvasa says Indra should have bowed, thanked him gladly and worn the blessed garland. Because Indra did not, Durvasa curses him to lose his heavenly good fortune. He accuses Indra of thinking himself too great and treating him like any ordinary priest.