diff --git a/mercurial/bundlerepo.py b/mercurial/bundlerepo.py
--- a/mercurial/bundlerepo.py
+++ b/mercurial/bundlerepo.py
@@ -154,8 +154,10 @@ class bundlerepository(localrepo.localre
     def __init__(self, ui, path, bundlename):
         localrepo.localrepository.__init__(self, ui, path)
 
-        self._url = 'bundle:' + bundlename
-        if path: self._url += '+' + path
+        if path:
+            self._url = 'bundle:' + path + '+' + bundlename
+        else:
+            self._url = 'bundle:' + bundlename
 
         self.tempfile = None
         self.bundlefile = open(bundlename, "rb")
diff --git a/tests/test-bundle.out b/tests/test-bundle.out
--- a/tests/test-bundle.out
+++ b/tests/test-bundle.out
@@ -129,7 +129,7 @@ rolling back last transaction
 ====== Log -R bundle:empty+full.hg
 8 7 6 5 4 3 2 1 0 
 ====== Pull full.hg into empty again (using -R; with hook)
-changegroup hook: HG_NODE=5649c9d34dd87d0ecb5fd39672128376e83b22e1 HG_SOURCE=pull HG_URL=bundle:full.hg+empty 
+changegroup hook: HG_NODE=5649c9d34dd87d0ecb5fd39672128376e83b22e1 HG_SOURCE=pull HG_URL=bundle:empty+full.hg 
 pulling from full.hg
 requesting all changes
 adding changesets