diff --git a/Lib/test/test_import.py b/Lib/test/test_import.py
--- a/Lib/test/test_import.py
+++ b/Lib/test/test_import.py
@@ -139,6 +139,15 @@ class ImportTests(unittest.TestCase):
             self.assertIs(orig_path, new_os.path)
             self.assertIsNot(orig_getenv, new_os.getenv)
 
+    def test_bug7732(self):
+        source = TESTFN + '.py'
+        os.mkdir(source)
+        try:
+            self.assertRaisesRegex(ImportError, '^No module',
+                imp.find_module, TESTFN, ["."])
+        finally:
+            os.rmdir(source)
+
     def test_module_with_large_stack(self, module='longlist'):
         # Regression test for http://bugs.python.org/issue561858.
         filename = module + '.py'
diff --git a/Python/import.c b/Python/import.c
--- a/Python/import.c
+++ b/Python/import.c
@@ -1892,6 +1892,8 @@ find_module_path_list(PyObject *fullname
         }
 
         for (fdp = _PyImport_Filetab; fdp->suffix != NULL; fdp++) {
+            struct stat statbuf;
+
             filemode = fdp->mode;
             if (filemode[0] == 'U')
                 filemode = "r" PY_STDIOTEXTMODE;
@@ -1905,6 +1907,13 @@ find_module_path_list(PyObject *fullname
             if (Py_VerboseFlag > 1)
                 PySys_FormatStderr("# trying %R\n", filename);
 
+            if (_Py_stat(filename, &statbuf) == 0 &&         /* it exists */
+                S_ISDIR(statbuf.st_mode))           /* it's a directory */
+            {
+                Py_DECREF(filename);
+                continue;
+            }
+
             fp = _Py_fopen(filename, filemode);
             if (fp == NULL) {
                 Py_DECREF(filename);