Leaf water potential was decreased by withholding irrigation to provide three levels of stress described as mild ({ie69-1}) moderate ({ie69-2}) and severe ({ie69-3}). The specific activity of NADP linked glyceraldehyde-3-phosphate dehydrogenase, phosphoglycerate kinase, aldolase, phosphogluco-isomerase and RuBP carboxylase decreased under mild stress, but the activity of phosphoglucomutase showed an increase whilst ribulose-5-phosphate kinase was least affected. With further decrease in water potential, the activity of NADP linked glyceraldehyde-3-phosphate dehydrogenase and aldolase showed a decrease, whereas, the activities of fructose-1,6-bisphosphatase, phosphoglycerate kinase, phosphogulcomutase and RuBP carboxylase increased. Net CO2 fixation decreased sharply with stress, whereas, respiration and photorespiration increased in moderate stress, but decreased under severe stress. Stomatal resistance also increased with decrease in water potential. It seems that in vitro enzyme activities of PCR cycle are not responsible for decreased photosynthesis in pigeonpea under short term water stress.