This article looks at a very interesting price chart. It is not a normal price chart that shows value in rupees. Instead, it shows the value of ITC when measured against gold. When we stop looking at rupees and start looking at gold, the picture changes a lot. Many people may find it hard to believe, but this chart gives a very different story about ITC.

ITC at a 27-Year Low Against Gold

When ITC is compared with gold, it is now at a level last seen around the year 1999.(see the image below)

This means that ITC has not beaten gold for about 27 years. The amount of gold needed to buy one share of ITC in 1999 is almost the same even today. So, even after many years, ITC has not gained real value when seen in gold terms.

Why Rupee Growth Can Be Misleading

Many times, people feel happy when a stock price rises by 10 or 12 percent in rupee terms. It feels like wealth is growing. But this growth is often linked to inflation and rising money supply. As more money comes into the system, prices go up. This makes stocks look more valuable in rupees, even if real value has not increased.

Gold Shows the Real Picture

Gold is often called real money because it keeps its value over time. When stocks are compared with gold, the true performance becomes clear. Not only ITC, but even the broader market has struggled in gold terms for many years. This shows that real gains are not as common as they appear on normal price charts.

Real Value Matters in the Long Run

Only those stocks that grow more than gold create real wealth. If a stock cannot beat gold over 15 or 20 years, it has not created true value. Such stocks may look strong in rupee terms, but in reality, they have not added much to long-term wealth. Looking at investments this way helps in understanding what real growth actually means.