** Shares of Varun Beverages VARB.NS fall as much as 7.7% to 439.9 rupees to lowest level since mid-December 2023

** Stock top loser on Nifty FMCG index .NIFTYFMCG, which is down 0.95%

** The Pepsi bottler says it has extended date of planned acquisition of SBC Beverages Ghana from Ghana Bottling Co to March 31 from February 28

** The transaction is subject to regulatory approvals, including from PepsiCo PEP.O

** More than 13.2 mln shares change hands, 1.7x its 30-day avg

** 21 analysts covering the stock on avg have a "buy" rating; median PT is 677.5 rupees - LSEG data

** Stock has shed 25% so far this year, compared to a 8.6% drop in FMCG index

(Reporting by Ashna Teresa Britto in Bengaluru)

((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))