The above suggestion doesn't fetches Row.Cells[3] from database. Thank you for your suggestions.
The below code worked. As per my understanding, while using Link property, it redirects to the newpage and hence the current page doesn't incurs a postback. So, I cant use GridView1_SelectedIndexChanged event rather passing it as parameter. Thank you for your suggestions.
protected void GridView1_RowDataBound(object sender, GridViewRowEventArgs e)
{
if (e.Row.RowType == DataControlRowType.DataRow)
{
if (e.Row.Cells[3].Text.Equals("Pending"))
{
HyperLink link = new HyperLink();
link.Text = "Pending";
link.NavigateUrl = "NewPage.aspx?parameter=" + e.Row.Cells[0].Text;
e.Row.Cells[3].Controls.Add(link);
}
}
}