The CHARGE light doesn't refer to battery voltage, it refers to the output from the alternator. If the CHARGE light is coming on, then the alternator isn't charging the system and the battery is draining (which isn't a good thing). As a sign, the battery should be reading 13-14V when the car is running, not 12V - if it's reading 12V with the engine running, then the alternator is stuffing up. It could be something as simple as worn brushes in the alternator, or a loose wire, or it could be worse.
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