Is there any way in Sharepoint (GUI or API/Programmically) that we can
enforce certain rules in Sharepoint list at row and column level? Or is
there any way we can introduce our hooks that gets executed before the value
is changed in any particular column of any particular row? (Before updating
or after updating; something similar to SQL Server's Triggers)

Consider an Inventory list; in the list; if an item is sold; its status can
only be changed to "Returned back" or "Sent to workshop for repair" and not
"In stock" or "On Shelf"

Furthermore; certain users can set particular status when item as particular
status; eg only "Shift In-charge" can set "Returned back" when item status
is "Sold".