diff --git a/lld/ELF/Driver.cpp b/lld/ELF/Driver.cpp
--- a/lld/ELF/Driver.cpp
+++ b/lld/ELF/Driver.cpp
@@ -1838,12 +1838,15 @@
   llvm::TimeTraceScope timeScope("Demote shared symbols");
   for (Symbol *sym : symtab->symbols()) {
     auto *s = dyn_cast<SharedSymbol>(sym);
-    if (!s || s->getFile().isNeeded)
+    if (!((s && !s->getFile().isNeeded) ||
+          (sym->isLazy() && sym->isUsedInRegularObj)))
       continue;
 
-    bool used = s->used;
-    s->replace(Undefined{nullptr, s->getName(), STB_WEAK, s->stOther, s->type});
-    s->used = used;
+    bool used = sym->used;
+    sym->replace(
+        Undefined{nullptr, sym->getName(), STB_WEAK, sym->stOther, sym->type});
+    sym->used = used;
+    sym->versionId = VER_NDX_GLOBAL;
   }
 }
 
diff --git a/lld/ELF/Symbols.h b/lld/ELF/Symbols.h
--- a/lld/ELF/Symbols.h
+++ b/lld/ELF/Symbols.h
@@ -163,10 +163,7 @@
 
   // True if this is an undefined weak symbol. This only works once
   // all input files have been added.
-  bool isUndefWeak() const {
-    // See comment on lazy symbols for details.
-    return isWeak() && (isUndefined() || isLazy());
-  }
+  bool isUndefWeak() const { return isWeak() && isUndefined(); }
 
   StringRef getName() const {
     if (nameSize == (uint32_t)-1)
diff --git a/lld/ELF/SyntheticSections.cpp b/lld/ELF/SyntheticSections.cpp
--- a/lld/ELF/SyntheticSections.cpp
+++ b/lld/ELF/SyntheticSections.cpp
@@ -3161,10 +3161,10 @@
 void VersionTableSection::writeTo(uint8_t *buf) {
   buf += 2;
   for (const SymbolTableEntry &s : getPartition().dynSymTab->getSymbols()) {
-    // Use the original versionId for an unfetched lazy symbol (undefined weak),
-    // which must be VER_NDX_GLOBAL (an undefined versioned symbol is an error).
-    write16(buf, s.sym->isLazy() ? static_cast<uint16_t>(VER_NDX_GLOBAL)
-                                 : s.sym->versionId);
+    // For an unfetched lazy symbol (undefined weak), it must have been
+    // converted to Undefined and have VER_NDX_GLOBAL version here.
+    assert(!s.sym->isLazy());
+    write16(buf, s.sym->versionId);
     buf += 2;
   }
 }