Thank you all for your replies. I did notice that the shaft moves freely if I try to turn it by hand. If you rotate it for some time, it seems to reach a point where there is some resistance. If I turned the drill press on at this moment, the shaft does turn momentarily only to stop and become free again. Does this also sound like belt issue?
I am not sure if I have done something bad here . I was just drilling a few very small holes and things were fine until this happened. But I really feel terrible that this happened withing a few days of my joining. Please do let me know how issues like these need to be handled and what I can do to help fix this.