Mulder was batting on 367, just 34 runs short of overhauling Lara's record of highest individual Test score but opted to declare South Africa's innings at 626 for five on the second day of the second Test against Zimbabwe out of respect for the West Indian legend.
While talking to reports ahead of the start of third test against India at Lord's, Stokes said, "As captain, You would do it to yourself than the captain pulling out on a groundbreaking day. Fair play to him. I think he said something about how it should stay with Brian. He's not going to get that opportunity again (laughs)."
On the other hand, Gayle questioned Mulder, "If you want to be a legend, how are you going to become a legend? Records come with being a legend."
"Come on, you're on 367, automatically you have to take a chance at the record," Gayle told talkSPORT.
"I think it was an error from his side, not to try and go to get it. We don't know if he would go on and get it or not. But he declared on 367, and he said what he had to say.
"But listen, it's a once in a lifetime opportunity to get 400 runs in a Test match. Come on, youngster, you've blown it big time!"
Following his decision to declare, Mulder had said that a player of Lara's stature deserved to keep the record.
"Brian Lara is a legend. For someone of that stature to keep that record is deserved."
Gayle, who represented West Indies in 103 Tests, 294 ODIs and 75 T20Is, felt Mulder panicked under pressure.
"If I could get the chance to get 400, I would get 400. That doesn't happen often. You don't know when you're going to get to a triple century again. Any time you get a chance like that, you try and make the best out of it," the 45-year-old said.
"But he was so generous and said he wanted the record to stay with Brian Lara. Maybe he panicked, he didn't know what to do in that situation."
Mulder's monumental knock came during a dominant performance as newly-crowned World Test Champions South Africa defeated Zimbabwe by an innings and 236 runs.
Gayle also insisted that the quality of the opposition would in no way diminish the feat.
"It's the same cricket, Test cricket. Sometimes you can't even get one run against a team like Zimbabwe, if you want to put it that way.
"It doesn't matter the opponent, if you get 100 against any team, that's a Test century. If you get a double or triple, 400, that's Test cricket. That's the ultimate game. Like I said, he panicked and he blundered, straight up."