If you wrote this down correctly "under" exposed by two stops means that you wiped out the shadow detail as you gave it four times less exposure than your meter called for (since exposure is based on the square root thing). You should have over exposed by one or two stops to gather more light and therefore more detail.
By under exposing that much and not recording the detail at all, there was no way to recover. No amount of added development will show up detail that did not get recorded in the first place.
Exposing for the shadows means making sure that you get enough light on the film to record the shadow detail the way you will want to see it on the print. Slightly under developing is then used to control the possible blocking (loss of detail) in the highlights if the exposure range from shadow to highlight would place the highlight near pure white on the zone scale.
If you can get a copy of Adam's "The Negative" and bone up on his Zone System techniques, it would help you understand much more.
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