I checked the card using the h2testw application. The write speed I got was just 1.45MB/sec and read speed was 18.7MB/sec. I used a memory card reader for this test, So any influence of the phone is ruled out. Being a class 4 card, the write speed should have been 4MB/sec. I guess that is the issue which has been the cause of the video freeze because the the card cannot write faster data.
In fact, I have used the same card with the same phone before to record HD videos. Seems something has gone wrong with the card recently.
In Love With My C6-01:Now running on Nokia Belle!