ABS and ASC lights on in dashboard?

[94bmw540i]

The ABS and ASC light comes on when I make a left turn and/or go through a dip on the road. The dip doesn't have to be deep, even if I am taking the car out of parking lot and hit the uneven surface at the end of parking lot (where it meets the road) it comes on. Once the light comes on it stays on until I shut off the car completely and take the key out of out for some minutes. Could this happen of the tries are wearing out as left front tire is a little bit shallow on the outside. Is there a way to diagonize this instead of going to a dealer. There has to be a connection between ABS and ASC as both of the light come on right after the other.

Any help will be greatly appreciated,
Andy

[winfred]

best guess is a abs sensor wire that's rubbed through and grounding on the body or has a cracked wire that's getting flexed and loosing contact