diff --git src/cmd/ksh93/sh/path.c src/cmd/ksh93/sh/path.c
index d723987..9965bf5 100644
--- src/cmd/ksh93/sh/path.c
+++ src/cmd/ksh93/sh/path.c
@@ -1791,8 +1791,12 @@ void path_alias(register Namval_t *np,register Pathcomp_t *pp)
 	{
 		struct stat statb;
 		char *sp;
+		Pathcomp_t *old = 0;
 		nv_offattr(np,NV_NOPRINT);
 		nv_stack(np,&talias_init);
+		old = (Pathcomp_t*)np->nvalue.cp;
+		if (old && (--old->refcount <= 0))
+			free((void*)old);
 		np->nvalue.cp = (char*)pp;
 		pp->refcount++;
 		nv_setattr(np,NV_TAGGED|NV_NOFREE);