Cannot close an Opportunity as Lost on CRM 2016 on-premise

Hi,

I have an issue where Close as Lost button on Opportunity form does not perform any action. Whereas, when I try  to click on Close as Lost form the View, the dialog to close the Opportunity appears correctly.

This behavior is across all browsers.

The issue I'm facing is CRM 2016 on-premise.

Kindly advise.