You could have either problem, the droopyness of the leaves is a symptom of both over and under watering. You could also have root death from either problem, since if you wait too long to water to the point where the peat becomes rock hard, sometimes it will not absorb water again, and you can end up with dry spots where the roots die from lack of water even though you are watering and it looks like root rot but there is no rotting going on.
Big blotchy dead spots on the leaves means big dead areas in the roots. Plants are just a series of tubes, and they're kind of random where they attach to the upper part of the plant, so the parts that die up top are pretty random once a section of root dies.