diff -up ksh-20120214/src/cmd/ksh93/sh/macro.c.tildafix ksh-20120214/src/cmd/ksh93/sh/macro.c
--- ksh-20120214/src/cmd/ksh93/sh/macro.c.tildafix	2012-03-13 10:09:36.895655554 +0100
+++ ksh-20120214/src/cmd/ksh93/sh/macro.c	2012-03-13 10:11:54.751591156 +0100
@@ -2719,7 +2719,12 @@ skip:
 	if(!logins_tree)
 		logins_tree = dtopen(&_Nvdisc,Dtbag);
 	if(np=nv_search(string,logins_tree,NV_ADD))
+	{
+		c = shp->subshell;
+		shp->subshell = 0;
 		nv_putval(np, pw->pw_dir,0);
+		shp->subshell = c;
+	}
 	return(pw->pw_dir);
 }