Is the word "colic" a right word in this context?

Cramp is the word you're looking for.

noun

Often, cramps.

• a sudden, involuntary, spasmodic contraction of a muscle or group of muscles, especially of the extremities, sometimes with severe pain.

• a piercing pain in the abdomen.

• an intermittent, painful contraction of structures of a wall containing involuntary muscle, as in biliary colic or in the uterine contractions of menstruation or of labor.

Reading from the comments, and thinking why a person would suddenly stop doing exercise, the word stitch popped into mind.

A stitch is often a short sharp pain, localized, usually felt in the side of your stomach. It's similar to cramp, but a stitch passes more quickly and is much less painful. As OD defines it,

Stitch 2) A sudden sharp pain in the side of the body, caused by strenuous exercise:
he was panting and had a stitch