diff --git a/lib/webpack/markdownLoader.js b/lib/webpack/markdownLoader.js
index ab2c699050..1aa38f32ce 100644
--- a/lib/webpack/markdownLoader.js
+++ b/lib/webpack/markdownLoader.js
@@ -58,7 +58,7 @@ module.exports = function (src) {
   // check if relative links are valid
   links && links.forEach(link => {
     const shortname = link
-      .replace(/#[\w-]*$/, '')
+      .replace(/#.*$/, '')
       .replace(/\.html$/, '.md')
     const filename = shortname
       .replace(/\/$/, '/README.md')
@@ -69,7 +69,7 @@ module.exports = function (src) {
     const dir = path.dirname(this.resourcePath)
     const file = path.resolve(dir, filename)
     const altfile = altname !== filename ? path.resolve(dir, altname) : null
-    if (!fs.existsSync(file) && (altfile && !fs.existsSync(altfile))) {
+    if (!fs.existsSync(file) && (!altfile || !fs.existsSync(altfile))) {
       this.emitWarning(
         new Error(
           `\nFile for relative link "${link}" does not exist.\n` +