diff --git a/tools/regression/src/process_jam_log.cpp b/tools/regression/src/process_jam_log.cpp
index 8f1b19b..809243c 100644
--- a/tools/regression/src/process_jam_log.cpp
+++ b/tools/regression/src/process_jam_log.cpp
@@ -272,9 +272,13 @@ namespace
         // the type of grist.
         convert_path_separators( dir );
         dir.erase( 0, 1 );
-        // We need path from root, not from 'status' dir.
+        // We need path from root, not from a subdirectory such as 'status'
+        // or 'libs/any'.
         if (dir.find("../") == 0)
-          dir.erase(0,3);
+        {
+          while (dir.find("../") == 0)
+            dir.erase(0,3);
+        }
         else // dir is always relative to the boost directory tree
           dir.erase( 0, locate_root.string().size()+1 );
     }