When you run the job, does the backup file gets created on E drive? Also you may use this query to check the backup status.

SELECT A.NAME,B.TOTAL_ELAPSED_TIME/60000 AS [Running Time],

B.ESTIMATED_COMPLETION_TIME/60000 AS [Remaining],

B.PERCENT_COMPLETE as [%],(SELECT TEXT FROM sys.dm_exec_sql_text(B.SQL_HANDLE))AS COMMAND FROM

MASTER..SYSDATABASES A, sys.dm_exec_requests B

WHERE A.DBID=B.DATABASE_ID AND B.COMMAND LIKE '%BACKUP%'

order by percent_complete desc,B.TOTAL_ELAPSED_TIME/60000 desc