Here you are setting Fore Color of cell, I guess it won't work.
So set the for color of your label.
try this :-
GridViewRow row=e.Row;
Label lbl = (Label)row.FindControl("lblStatus");
if (row.RowType == DataControlRowType.DataRow)
{
if(lbl.Text == "Pending")
{
lbl.ForeColor = Color.Red;
}
}
Gool luck.