European stocks slide 2.8 pct in broad selloff

PARIS, Nov 21 (Reuters) - European stocks slipped in a broad selloff on Friday, falling for the seventh day in nine sessions, with fresh fears over the financial sector knocking down banking shares such as Societe Generale (SOGN.PA).

Pharmaceutical stocks, which had been resilient over the past few weeks, took a beating with Novartis (NOVN.VX) down 6.4 percent and Sanofi-Aventis (SASY.PA) falling 11 percent.

The FTSEurofirst 300 .FTEU3 index of top European shares unofficially closed 2.8 percent lower at 759.06 points after hitting a low of 750.48. The index lost 11.7 percent on the week, its third consecutive week of losses, amid rising concerns over the prospect of a deep global downturn.

"Beyond worrying about recession and corporate results, people have now started to worry about balance sheets, and not just banks' balance sheets," said Benoit De Broissia, analyst at KBL Richelieu, in Paris.

Renewed fears over the future of stricken Citigroup (C.N) knocked European financial shares lower, with SocGen plummeting 13.4 percent.

(Reporting by Blaise Robinson)