The thread has got a bit messy with doubts as well as explanations repeating. Let me compile all main posts together and share the official explanation.
The question:
benejo
Disappointed by the company’s decision to put itself up for sale,
its shares were quickly sold by the investors, voicing their frustration.
A. its shares were quickly sold by the investors, voicing their frustration
B. investors voiced their frustration, quickly selling the company's shares
C. investors quickly sold its shares and voiced their frustration
D. investors quickly sold its shares, voicing their frustration
E. investors quickly sold their shares and voiced their frustration
Source:
ExpertsGlobalD is the official answer.
Essence captured well by @TAN1212:
TaN1213
Disappointed by the company’s decision to put itself for sale,
its shares were quickly sold by the investors, voicing their frustration.
A. its shares were quickly sold by the investors, voicing their frustration
B. investors voiced their frustration, quickly selling the company's shares
C. investors quickly sold its shares and voiced their frustration
D. investors quickly sold its shares, voicing their frustration
E. investors quickly sold their shares and voiced their frustration
Tricky. I had earlier chosen B but later realized that 'its' in D refers to company. The investors sold the company's shares and this action voiced their frustration.
It is illogical to say that the investors sold their own shares, as shares are possessive of a certain company and not that of the buyer (implied incorrectly by the option B)Great further explanation by
Masterscorp:
Masterscorp
Nirenjan
Why is E Wrong pls explain
Sent from my iPhone using GMAT Club Forum
Hi
Nirenjan,
it can be inferred that the investors voiced their frustration by selling their shares. E incorrectly seperates these two actions. It sounds like the investors sold their shares and voiced their frustration in any other way. However, this doesn't match the intended meaning. TaN1213 already described very well, why B is correct.
Hope that helps

Wonderful, concise reasoning by
Reema18:
Reema18
Disappointed by the company’s decision to put itself for sale, its shares were quickly sold by the investors, voicing their frustration.
A.
its shares were quickly sold by the investors, voicing their frustration- Modifier issue
B. investors voiced their frustration,
quickly selling the company's shares - Selling is not due to voicing of frustration
C. investors quickly
sold its shares and voiced their frustration - frustration was due to quick sell
D.
investors quickly sold its shares, voicing their frustration - voicing was a result of quick selling of shares
E. investors quickly sold
their shares and voiced their frustration - wrong pronoun - Company's shares should be its
kc0olm nailed it here:
kc0olm
The grammar errors are based on the rules of antecedence. The first phrase is antecedent to the subject of the sentence. Thus, the investors were the ones disappointed. This error is so common, it has become almost a cliche in grammar tests. The second rule here is that a pronoun refers to the first noun prior to it. So, its refers to company. In terms of style, it is actually desirable and parsimonious to use the pronoun, and not repeat the noun again. The final error is one of logical antecedence: it must be made clear that the investors voiced their frustration by selling their shares. The shares do belong to the investors, not the company, but that is not contradicted by the use of its shares - these are shares in the company - so its doesn’t imply ownership. D is best. It is logically correct and stylistically better.
Sent from my iPhone using GMAT Club Forum
daagh sir's brilliant explanation:
daagh
arupOne may get frustrated but actually may not sell the shares. Eventually, when you don't sell, nothing serious is going to happen. However, it is not the same when you decisively sell the shares. You feel you have reached the end of the book and therefore you must close it. Therefore selling is more concrete action than a tentative feeling. You must recognize it by giving it a verb status while relegating the frustration to a modifier status with verb+ing.
To explain it better, let us compare it to choosing a government. One may be frustrated with a party, but still may give it another term. On the contrary, if the resentment is deep, and if one decides to vote out that party, then the matter is over. CAn you see why elections are so important?
Now you may recognize why D wins over B.
Let me reply to a few posts now...
ArupRS
Sir,
Thank you for the brilliant explanation. I got the essence now, but I am afraid I may not be able to decide between such closed contenders based on this logic.
This is very difficult to judge for me. But I would keep in mind that the more important action be given the status of a verb.
Regards,
Arup
@ArupRS- don't worry, you can always get a few questions wrong and still land with a brilliant score; such nuanced differences in answer choices make for high difficulty questions and when you get these right, the bounty is higher. Good luck with that

itoyj
In Option D
Its need an antecedent, but the company is in the possessive form, then what is the antecedent of "its" in the sentence.?
Posted from my mobile device itoyj: this is a common doubt; remember- a possessive pronoun can refer to a possessive pronoun; hence, what you are saying would be correct if there were an "ït" in the sentence; "it's" is possessive and so is "company's"...so it's alright.
Here is the official explanation:
Hope this helps.
All the best!
Experts' Global team