Purpose: This paper investigates the strong effect of political and economic events (national and international) on the operational aspects of selected mutual funds in emerging economy, i.e.,India. The aim of this study is to examine the overall impact of national and international economic and political events on the performance of carefully identified and selected mutual funds, taking into accounting a systemic structure for a quali-quantitative analysis. The performance of Indian mutual funds have been studied from different perspectives, since, there is no such study, that measures the influence of events (recession, GST, demonetization, crisis) on the performance of mutual funds. Design/methodology/approach: To conduct this study, twosets of mutual funds have been carefully identified and chosen, ICICI Prudential Focused Blue chip Fund-Growth (Equity diversified mutual fund) and ICICI Prudential Balanced Fund-Growth (Hybrid Fund). Then, nine major national and international economic events have been identified in a time period of 2008 to 2016. Out of these, three events have typology of national, while the other six are International. A sincere effort has been extended to gauge the influence of various events, such as, Euro crisis, Japanese recession on the performance of Indian mutual funds. Event study has been taken as analytical tool, to measure the impact of events on mutual funds in terms of their return. In order to ascertain the complexity of such phenomenon, a pre and post-analysis was conducted. The event window of 21 days (i.e. 10 days before and 10 days after the event day, including event day), were taking into account for abnormal return and estimation window of 21 days has been considered for normal return. The time gap between event window and estimation window is 90 days. Findings: Considering the complexity of multiple economic events, this research paper found that some events have an impact on mutual fund performance in terms of volatility in NAV of mutual funds. The findings will be of use to the fund managers to take investments decisions during the events. Hence, this investigation is of significant strategic implications. Originality: The study is unique in its nature: from the theoretical perspective, it plugs a literature gap and and from the practical, it is the first systematic perspective oriented attempt to examine the impact of multiple economic events on selected mutual funds' returns of investments in India.