Good afternoon Richa
I believe that the status will get blocked in this case (it would be like having only one status).
It wouldn't make sense to have all the other possible values.
Normally on this area you would use status authorizations.
@Susmita, could you detail your business need?
Is the status changed automatically ?
Do you want to prevent changing the status or blocking the drop down itself ?
Best regards
Razvan Zainea