Rescue officials said the boat was going from port Kemari to Manora island when it capsized.
"We have been told they were around 50 people on the boat much more than its capacity. But so far navy divers have rescued 47 people," Faisal Edhi of the Edhi welfare trust said.
He said the boat owner claimed they were 50 passengers on board and only three were still missing.
"Rescue operations to recover them are still underway," he said.
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