(Yicai Global) Aug. 21 –- A newly appointed chairman of Chinese marine diesel generator maker Steyr Motors has vanished from the embattled firm's reach, which has caused a plunge in stock price.

Steyr has been out of touch from Chairman Li Xiaozhen, the Changzhou-based company said in a statement today, adding that the reason is unknown. The firm's stock slid to the lower limit of 10 percent decrease in the morning and closed at CNY3.78 (USD0.55).

Li was elected as a chairman on July 27 and the 37-year-old professional worked as a deputy general manager at a steel company in eastern Shandong province.

Steyr and its units are involved in a lawsuit and several of their bank accounts are frozen, which has severely affected their businesses. The disappearance adds to the past months' list of changes in the firm's management as the previous Chairman Gao Liyong resigned on July 2 due to his "physical condition" and General Manager Shang Qing quit at the end of June due to "changes to the company's internal arrangements".

The board of directors will elect a new chairman as soon as possible.

Editor: Emmi Laine