Step 1:
Bhāsa is regarded as one of the earliest Sanskrit dramatists.
Step 2:
Kālidāsa flourished after Bhāsa, followed by Śūdraka.
Step 3:
Viśākhadatta and Bhattanārāyaņa belong to comparatively later periods.
Step 4:
Thus, the chronological order is:
\[
B \rightarrow A \rightarrow C \rightarrow E \rightarrow D
\]
Hence, the correct answer is:
\[
\boxed{\text{(3)}}
\]