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NyshaaNyshaa 

I want to update my lightning record page when a picklist value is changed.

ShirishaShirisha (Salesforce Developers) 
Hi Nysha,

Greetings!

Can you please explain your requirement briefly.If you would like to update particular field whenever the picklist value changed then you can simply write the workflow rule/processes as per your requirement.

If you would like to update some of the fields/create new records then you can simply write the apex trigger to achieve your requirement.

Kindly let me know if it helps you and close your query by marking it as best answer so that it can help others in the future.

Warm Regards,
Shirisha Pathuri
NyshaaNyshaa
Its like 
User-added image
Its like when the status field is anything apart from Closed there should be only two tabs visible i.e Details and Related
Where as is the status is set as closed, The layout should have one more tab billing detail.
It should only be visible once the status is set as closed.
User-added image
ShirishaShirisha (Salesforce Developers) 
Hi Nysha,

In that case,you will need to override the record detailed page with the lightning component or visualforce page where you can write the logic to hide or display the path as per your requirement.

Kindly let me know if it helps you and close your query by marking it as best answer so that it can help others in the future.

Warm Regards,
Shirisha Pathuri
NyshaaNyshaa

The initial lightning record page will have all the 3 tabs?
I created a record type and a process builder
Process builder with condition as Status equals Closed then in action Update record type and I passed the record ID.
Can u plz tell me the logic to obtain my result

ShirishaShirisha (Salesforce Developers) 
Hi Nysha,

Unfortunately,it is not possible with the Process builder alone without using the custom code as we are editing the page path not just the field in the record page.

So,you will need to call page whenever you edit the picklist to update the page itself.

Kindly let me know if it helps you and close your query by marking it as best answer so that it can help others in the future.

Warm Regards,
Shirisha Pathuri