Hi Chinmay,
It is definitely possible in DTM to fire the event based rule when an element exits i.e. div or any other Html element.
To use this functionality, while creating event based rule under the conditions tab , For Event Type - Select Element exists from the dropdown and then you can proceed forward to specify the tag selector.
Please see the following link for more information on Event based rule conditions.
https://marketing.adobe.com/resources/help/en_US/dtm/event_types.html
Thanks & Regards
Parit Mittal