Indian shares down 3 pct on Dubai debt concerns

MUMBAI, Nov 27 (Reuters) - Indian shares extended losses to 3 percent by late morning on Friday, with banks leading the fall, as Dubai's debt worries raised concerns about the global financial system and rattled markets across Europe and Asia.

At 11:47 a.m. (0617 GMT), the 30-share BSE index was down 3.02 percent at 16,347.51 points, with all its components declining.

The 50-share NSE Index was down 3.1 percent at 4,848.25. (Reporting by Ami Shah) ((ami.shah@thomsonreuters.com; +91 22 6636 9246; Reuters Messaging: ami.shah.thomsonreuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))