Step 1: Understanding $\alpha$ and $\beta$ blockers.
$\alpha$ and $\beta$ blockers are medications that inhibit the action of adrenergic receptors, $\alpha$ and $\beta$ receptors, respectively, which play a crucial role in regulating heart rate and blood pressure.
Step 2: Analyzing the options.
- (A) Phentolamine: Incorrect. Phentolamine is a non-selective $\alpha$-adrenergic blocker, but it does not block $\beta$ receptors.
- (B) Phenoxybenzamine: Incorrect. Phenoxybenzamine is also a non-selective $\alpha$-adrenergic blocker and does not block $\beta$ receptors.
- (C) Labetalol: Correct. Labetalol is both an $\alpha$- and $\beta$-adrenergic blocker, used to manage high blood pressure.
- (D) Indoramin: Incorrect. Indoramin is primarily an $\alpha$-adrenergic blocker and does not block $\beta$ receptors.
Step 3: Conclusion.
Labetalol is the only drug in this list that works as both an $\alpha$ and $\beta$ blocker, making it the correct answer.
Final Answer:} Labetalol.