diff --git a/bfd/elf64-s390.c b/bfd/elf64-s390.c
index 7ae11dc8e8b..7964ec665b9 100644
--- a/bfd/elf64-s390.c
+++ b/bfd/elf64-s390.c
@@ -2277,7 +2277,6 @@ elf_s390_relocate_section (bfd *output_bfd,
 		       || resolved_to_zero)
 		{
 		  Elf_Internal_Sym *isym;
-		  asection *sym_sec;
 
 		  /* This is actually a static link, or it is a
 		     -Bsymbolic link and the symbol is defined
@@ -2324,10 +2323,9 @@ elf_s390_relocate_section (bfd *output_bfd,
 		      && h != htab->elf.hdynamic
 		      && h != htab->elf.hgot
 		      && h != htab->elf.hplt
-		      && !(isym->st_value & 1)
-		      && (sym_sec = bfd_section_from_elf_index (input_bfd,
-								isym->st_shndx))
-		      && sym_sec->alignment_power)
+		      && !((h->root.u.def.value
+			    + sec->output_section->vma
+			    + sec->output_offset) & 1))
 		    {
 		      unsigned short new_insn =
 			(0xc000 | (bfd_get_8 (input_bfd,
diff --git a/ld/testsuite/ld-s390/pr32969_64-1.dd b/ld/testsuite/ld-s390/pr32969_64-1.dd
new file mode 100644
index 00000000000..fce262f5f39
--- /dev/null
+++ b/ld/testsuite/ld-s390/pr32969_64-1.dd
@@ -0,0 +1,15 @@
+tmpdir/pr32969_64-1:     file format elf64-s390
+
+Disassembly of section .text:
+
+.* <_start>:
+.*:	c0 10 00 00 00 0e [	 ]*larl	%r1,10000cc <foo>
+.*:	c4 18 00 00 08 1d [	 ]*lgrl	%r1,10010f0 <_GLOBAL_OFFSET_TABLE_\+0x20>
+
+.* <b>:
+.*:	c4 18 00 00 08 1a [	 ]*lgrl	%r1,10010f0 <_GLOBAL_OFFSET_TABLE_\+0x20>
+#?.*	07 07 [	 ]*nopr	%r7
+
+.* <c>:
+.*	c4 18 00 00 08 16 [	 ]*lgrl	%r1,10010f0 <_GLOBAL_OFFSET_TABLE_\+0x20>
+#?.*	07 07 [	 ]*nopr	%r7
diff --git a/ld/testsuite/ld-s390/pr32969_64-2.dd b/ld/testsuite/ld-s390/pr32969_64-2.dd
new file mode 100644
index 00000000000..88c770ec882
--- /dev/null
+++ b/ld/testsuite/ld-s390/pr32969_64-2.dd
@@ -0,0 +1,15 @@
+tmpdir/pr32969_64-2:     file format elf64-s390
+
+Disassembly of section .text:
+
+.* <_start>:
+.*:	c0 10 00 00 00 0e [	 ]*larl	%r1,10000cc <foo>
+.*:	c0 10 00 00 00 0c [	 ]*larl	%r1,10000ce <bar>
+
+.* <c>:
+.*:	c0 10 00 00 00 09 [	 ]*larl	%r1,10000ce <bar>
+#?.*	07 07 [	 ]*nopr	%r7
+
+.* <b>:
+.*	c0 10 00 00 00 05 [	 ]*larl	%r1,10000ce <bar>
+#?.*	07 07 [	 ]*nopr	%r7
diff --git a/ld/testsuite/ld-s390/pr32969a.s b/ld/testsuite/ld-s390/pr32969a.s
new file mode 100644
index 00000000000..baee6ca6d24
--- /dev/null
+++ b/ld/testsuite/ld-s390/pr32969a.s
@@ -0,0 +1,14 @@
+	.text
+	.globl _start
+	.type _start,@function
+_start:
+	lgrl	%r1,foo@GOTENT
+	lgrl	%r1,bar@GOTENT
+
+	.section .rodata,"a",@progbits
+	.align 1
+	.globl foo
+	.type foo,@object
+foo:
+	.byte 0xa
+	.size foo, .-foo
diff --git a/ld/testsuite/ld-s390/pr32969b.s b/ld/testsuite/ld-s390/pr32969b.s
new file mode 100644
index 00000000000..54ee3699373
--- /dev/null
+++ b/ld/testsuite/ld-s390/pr32969b.s
@@ -0,0 +1,10 @@
+b:
+	lgrl	%r1,bar@GOTENT
+
+	.section .rodata,"aG",@progbits,bar_group,comdat
+	.align 1
+	.globl bar
+	.type bar,@object
+bar:
+	.byte 0xb
+	.size bar, .-bar
diff --git a/ld/testsuite/ld-s390/pr32969c.s b/ld/testsuite/ld-s390/pr32969c.s
new file mode 100644
index 00000000000..02cf58417d5
--- /dev/null
+++ b/ld/testsuite/ld-s390/pr32969c.s
@@ -0,0 +1,10 @@
+c:
+	lgrl	%r1,bar@GOTENT
+
+	.section .rodata,"aG",@progbits,bar_group,comdat
+	.align 2
+	.globl bar
+	.type bar,@object
+bar:
+	.byte 0xc
+	.size bar, .-bar
diff --git a/ld/testsuite/ld-s390/s390.exp b/ld/testsuite/ld-s390/s390.exp
index d91eeacc730..aaba88d512a 100644
--- a/ld/testsuite/ld-s390/s390.exp
+++ b/ld/testsuite/ld-s390/s390.exp
@@ -125,6 +125,14 @@ set s390xtests {
      "-m elf64_s390 tmpdir/libpltlib_64.so" "" "-m64" {plt_64-1.s}
      {{objdump "-dzrj.plt" plt_64-1.pd} {readelf "-wf" plt_64-1_eh.wf}}
      "plt_64-1_eh"}
+    {"PR32969-1: do not rewrite load of misaligned COMDAT symbol address"
+     "-m elf64_s390" "" "-m64" {pr32969a.s pr32969b.s pr32969c.s}
+     {{objdump "-dzrj.text" pr32969_64-1.dd}}
+     "pr32969_64-1"}
+    {"PR32969-2: rewrite load of aligned COMDAT symbol address"
+     "-m elf64_s390" "" "-m64" {pr32969a.s pr32969c.s pr32969b.s}
+     {{objdump "-dzrj.text" pr32969_64-2.dd}}
+     "pr32969_64-2"}
 }
 
 if [istarget "s390-*-*"] {