Hi my knowledgeable members, the panel lights in my car(Mercedes W124, 230E) goes off and on. Sometimes it appears Ok and at other times it goes off. At present it is not showing any light at all apart from the battery indicator. Every other thing sounds OK though. What could be happening and what do I need to do

Sounds like your voltage regulator is going out. Had the same problem with my 90 300E once.