Expect transplant shock, big time; hopefully (yes hopefully), you've cut through the roots deep enough to cause major damage, and thereby preventing future root strangulation. If you don't have transplant shock, then I really would be worried!
It would have been better if you had cut deeply down the side of the root ball in three different places, rather than two. There would be less chance of missing a root that could girdle in the future. But I wouldn't dig it up just because of that.