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Britain's FTSE extends falls as tech, travel stocks are hit

* FTSE 100 down 1.6 pct

* ARM extends losses as Citi cuts estimates on China fears

* Airlines and travel firms down as Yemen air strikes begin

* LSE slumps after Borse Dubai sells stake

By Alistair Smout and Francesco Canepa

LONDON, March 26 (Reuters) - Britain's top share index fell sharply on Thursday, led by tech stocks as investors grew nervous about their slimming growth prospects and rich valuations.

Britain's FTSE 100 was down 1.5 percent at 6,882.29 points by 1520 GMT, bringing the drop since a record high hit on Tuesday to 2.7 percent.

Analysts at Citigroup (NYSE: C - news) on Thursday cut their forecasts for the smartphone sector and target prices on stocks highly exposed to China, the world's largest phone market, including Britain's ARM.

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The stock was down 3.5 percent at 1,088 pence, extending the previous session's fall in substantial volumes. The broader FTSE 350 tech hardware index was down 3.1 percent.

"I've still got my 'shorts' in place on ARM. I'm waiting to see if it can go down further to test the 10 pound level," said Beaufort Securities sales trader Basil Petrides

Airlines also saw substantial selling as Brent crude shot up nearly 6 percent after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen.

Airline IAG fell more than 3.7 percent, with cruise operator Carnival (LSE: CCL.L - news) down 1.6 percent.

Budget airline easyJet dropped 3.5 percent despite upgrading first-half forecasts.

London Stock Exchange (Other OTC: LDNXF - news) group was the biggest FTSE 100 faller in percentage terms, down 5.9 percent at 2,389 pence after Borse Dubai sold its 17.4 percent stake.

A familiar with the matter said the sale went through at 2,250 pence per share. (Additional reporting by Sudip Kar-Gupta; Editing by Keith Weir and Alison Williams)