The problems for multiplex stocks continue as PVR and INOX lost another 5% on Monday after the lockdown was extended. Both the stocks have lost close to 55% in the last 3 months since the multiplexes were shut down. There are several reasons for this bearishness in the markets over multiplex stocks. Firstly, even after the lockdown is lifted, the multiplexes are not sure of the public response to social mingling. Secondly, the lucrative food business has taken a big hit and is unlikely to recover in a hurry. Finally, OTT platforms like Amazon Prime, Hotstar and Netflix have emerged as a distinct competition to theatres and the lockdown is only allowing these OTT platforms to gather more customers. Both the listed multiplex stocks are under a structural down move at this point of time.