had the same thing on mine. You might check the stators ohm readings. If one of the wires are down same thing will happen. I replaced my stator but its expensive and the last part you want to do first.
If you go through my post history you will read alot about the panther and the things that i experienced fixxing it.
1999 SkiDoo Formula Z 500- mine
2000 XL1200 Sportster customized
96 SkiDoo Formula SLS 500 -sold 1/31/13
81 AC Jag 4000 3500 miles sold 1/13/12
74 MotoSki Futura 340 2200 mls sold 6/15/12
"What ever you do don't eat the Calamari"