Austrian Airlines will next Tuesday start to buy back up to 3 percent of its own stock, or up to 2.6 million shares, to cover employee share options and for other purposes, it said late on Wednesday.

The partly state-owned carrier has permission from a shareholder meeting to buy back shares in a range of 5 euros to 20 euros, it said. It already holds around 2 percent of its own shares.

Austrian Airlines shares hit an all-time low of 4.90 euros on Wednesday before closing at 5 euros. They have lost 32 percent this year so far.