Builtin command "cd" does not change cwd to the target directory if ksh guesses it's the current one

Issue

Builtin command cd does not change current working directory to the target directory if ksh guesses it's the current one.

See the following (ksh is the login shell):

$ mkdir /tmp/a
$ touch /tmp/a/b
$ cd /tmp/a
$ ls
b
$ mv /tmp/a /tmp/a_moved
$ mkdir /tmp/a
$ cd /tmp/a
$ ls
b

If bash is the login shell, the ls command shows empty directory, as expected.

This behaviour happens with ksh93, whatever RHEL version (4, 5, 6) you are running.