Final answer:
The drug acts as a competitive receptor antagonist to ameliorate the toxic effects of excessive thyroxine levels in thyrotoxicosis.
Step-by-step explanation:
The drug acts as a a competitive receptor antagonist to ameliorate the toxic effects of excessive thyroxine levels in thyrotoxicosis. It competes with thyroxine for binding to the beta-adrenoceptor, blocking the receptor and preventing the effects of the excessive thyroxine levels. By acting as a competitive antagonist, the drug helps to normalize heart rate and blood pressure, reducing the tachyarrhythmia and hypertension associated with thyrotoxicosis.