A pot culture experiment was conducted to estimate the drought stress mitigating effect of ketoconazole (KCZ), a fungicide cum plant growth regulator, in Catharanthus roseus plants. The plants under pot culture were subjected to drought stress and drought stress with KCZ from 30 days after sowing (DAS) and regular irrigation was kept as control. Antioxidant contents and activities of antioxidant enzymes were estimated from root, stem and leaf of both control and treated plants. The alkaloid ajmalicine was extracted and estimated from the roots of control, drought stressed and KCZ treated plants. Individual and combined drought stress and KCZ treatments increased ascorbic acid, alpha-tocopherol contents, superoxide dismutase, ascorbate peroxidase, catalase and polyphenol oxidase activities when compared to control. There was a significant enhancement in ajmalicine production under KCZ treated plants under drought stress when compared to well watered control as well as drought stressed plants. The KCZ treatment resulted in partial mitigation of drought stress by increasing the antioxidant potentials in C. roseus plants.