shim-15.1 gets stuck in an infinite loop

I am using QEMU+OVMF and loading shim 15.1 onto it. I compiled shim 15.1 on my own setup after cloning and checking out the shim-15.1 tag. I signed this shim with self-generated keys.

QEMU : QEMU emulator version 2.5.0 (Debian 1:2.5+dfsg-5ubuntu10.44), Copyright (c) 2003-2008 Fabrice Bellard
OVMF : picked master as on 20-Aug-2020 and built locally
QEMU command : qemu-system-x86_64 -s -m 2G -drive if=pflash,format=raw,readonly,file=OVMF_CODE.fd -drive if=pflash,format=raw,file=OVMF_VARS.fd -net none -serial stdio -display none -hda fat:disk

FS0:\> shimx64_signed.efi' Success
FSOpen: Open '\shimx64_signed.efi' Success
FSOpen: Open '\shimx64_signed.efi' Success
FSOpen: Open '\shimx64_signed.efi' Success
FSOpen: Open '\shimx64_signed.efi' Success
[Security] 3rd party image[0] can be loaded after EndOfDxe: PciRoot(0x0)/Pci(0x1,0x1)/Ata(Primary,Master,0x0)/HD(1,MBR,0xBE1AFDFA,0x3F,0xFBFC1)/\shimx64_signed.efi.
DxeImageVerification: MeasureVariable (Pcr - 7, EventType - 800000E0, VariableName - db, VendorGuid - D719B2CB-3D3A-4596-A3BC-DAD00E67656F)
MeasureBootPolicyVariable - Success
InstallProtocolInterface: 5B1B31A1-9562-11D2-8E3F-00A0C969723B 7E1C8240
Loading driver at 0x0007DE20000 EntryPoint=0x0007DE3E000
InstallProtocolInterface: BC62157E-3E33-4FEC-9920-2D3B36D750DF 7E1CE218
ProtectUefiImageCommon - 0x7E1C8240
  - 0x000000007DE20000 - 0x000000000010C000
InstallProtocolInterface: 752F3136-4E16-4FDC-A22A-E5F46812F4CA 7FE8A778
dppath: \shimx64_signed.efi
path:   shimx64_signed.efi
InstallProtocolInterface: 605DAB50-E046-4300-ABB6-3DD810DD8B23 7DEFEF70
FSOpen: Open '\shimx64_signed.efi' Success
dppath: \shimx64_signed.efi
path:   shimx64_signed.efi
InstallProtocolInterface: 605DAB50-E046-4300-ABB6-3DD810DD8B23 7DDF1F70
FSOpen: Open '\shimx64_signed.efi' Success
dppath: \shimx64_signed.efi
path:   shimx64_signed.efi
InstallProtocolInterface: 605DAB50-E046-4300-ABB6-3DD810DD8B23 7DBC2F70
FSOpen: Open '\shimx64_signed.efi' Success
dppath: \shimx64_signed.efi
path:   shimx64_signed.efi
InstallProtocolInterface: 605DAB50-E046-4300-ABB6-3DD810DD8B23 7D993F70
FSOpen: Open '\shimx64_signed.efi' Success
dppath: \shimx64_signed.efi
path:   shimx64_signed.efi

This keeps on printing like this indefinitely.
On same setup, shim 14 (checked out using tag 14) does not have this issue.

Reproduce the report with the listed QEMU command, OVMF build, signed shim-15.1 image, and compare it with the shim 14 tag. Trace the repeated FSOpen calls for shimx64_signed.efi; done means shim 15.1 no longer loops indefinitely in this setup.