Equity benchmark indices shed 1 per cent in a volatile trading session on Monday with Reliance Industries losing by 5 per cent after the announcement of Q3 earnings. The BSE S-P Sensex closed 531 points or 1.09 per cent lower at 48,348 while the Nifty 50 edged lower by 133 points or 0.93 per cent to 14,239. Sectoral indices at the National Stock Exchange were mixed with Nifty IT dipping by 1.7 per cent while pharma rising by 1.7 per cent. Among stocks, Reliance Industries cracked by 5.6 per cent to Rs 1,935.15 per share after reports said the Mukesh Ambani-led conglomerate has spined off of the oil-to-chemical business into a new unit that will help it pursue growth opportunities with strategic partnerships. At the same time, it saw its profit jump 12.5 per cent to Rs 13,101 crore during the quarter ended December.