diff --git a/src/Standards/Squiz/Sniffs/PHP/DisallowMultipleAssignmentsSniff.php b/src/Standards/Squiz/Sniffs/PHP/DisallowMultipleAssignmentsSniff.php
index 06df652040..b66e5bca17 100644
--- a/src/Standards/Squiz/Sniffs/PHP/DisallowMultipleAssignmentsSniff.php
+++ b/src/Standards/Squiz/Sniffs/PHP/DisallowMultipleAssignmentsSniff.php
@@ -83,9 +83,8 @@ public function process(File $phpcsFile, $stackPtr)
         */
 
         for ($varToken = ($stackPtr - 1); $varToken >= 0; $varToken--) {
-            if (in_array($tokens[$varToken]['code'], [T_SEMICOLON, T_OPEN_CURLY_BRACKET], true) === true) {
-                // We've reached the next statement, so we
-                // didn't find a variable.
+            if (in_array($tokens[$varToken]['code'], [T_SEMICOLON, T_OPEN_CURLY_BRACKET, T_CLOSE_TAG], true) === true) {
+                // We've reached the previous statement, so we didn't find a variable.
                 return;
             }
 
diff --git a/src/Standards/Squiz/Tests/PHP/DisallowMultipleAssignmentsUnitTest.inc b/src/Standards/Squiz/Tests/PHP/DisallowMultipleAssignmentsUnitTest.inc
index f657fb4a4c..b4d63fcad0 100644
--- a/src/Standards/Squiz/Tests/PHP/DisallowMultipleAssignmentsUnitTest.inc
+++ b/src/Standards/Squiz/Tests/PHP/DisallowMultipleAssignmentsUnitTest.inc
@@ -108,3 +108,29 @@ function () {
     $b = getB();
 };
 
+?>
+<?= $var = false; ?>
+
+// Issue PHPCSStandards/PHP_CodeSniffer#537.
+<?php $a * $b ?>
+<?php
+list ($c, $d) = explode(',', '1,2');
+?>
+<?= $a * $b ?>
+<?php
+list ($c, $d) = explode(',', '1,2');
+?>
+<?= $a * $b ?>
+<?= list ($c, $d) = explode(',', '1,2');
+?>
+<?php $a * $b ?>
+<?php
+[$c, $d] = explode(',', '1,2');
+?>
+<?= $a * $b ?>
+<?php
+[$c, $d] = explode(',', '1,2');
+?>
+<?= $a * $b ?>
+<?= [$c, $d] = explode(',', '1,2');
+?>