European shares hit lowest level since March 2003

LONDON, Nov 20 (Reuters) - The FTSEurofirst 300 .FTEU3 index of top European shares hit a 5-1/2-year low on Thursday, as financials and mining stocks traded sharply lower on mounting concerns that the global economy was facing a deep downturn.

At 1003 GMT, the index was down 3.6 percent at 782.83 points after falling as low as 782.67 -- the lowest level since March 2003. The benchmark has fallen around 48 percent this year.

Insurer Aviva (AV.L) was down 12 percent, while miner Vedanta Resources (VED.L) fell 10.7 percent

(Reporting by Atul Prakash, editing by Sitaraman Shankar)