How to get rid of redundant hyphen chars when inserting space or tab?

[rv-ragul]

I made the following changes in config.

set.list = true
set.listchars:append "eol:↴"

require('indent_blankline').setup {
    char = '│',
    show_trailing_blankline_indent = false,
    show_end_of_line = true,
}

Now eol characters are inserted as expected. But hyphens are inserted when inserting space or tab chars.
I added a screenshot for reference.

[lukas-reineke]

This is not coming from indent-blankline. That is the default Neovim value for trailing spaces. See :help 'listchars'